Allianz Real Estate Asia Pacific agreed to acquire a 50% stake in OUE Bayfront from OUE Commercial Real Estate Investment Trust (SGX:TS0U) for approximately SGD 950 million on January 18, 2021. After taking into account, the divestment fee of SGD 3.2 million to be paid and other divestment-related expenses, net proceeds from the divestment is expected to be approximately SGD 262.6 million. The part of the transaction will be financed through an external bank financing. The transaction is subject to obtaining the LLP Bank loan, confirmation from the Comptroller of Goods and Services tax and the trustee obtaining an income tax ruling from IRAS. Assuming the entire net proceeds from the transaction is used to repay loans, OUE C-REIT’s aggregate leverage is expected to reduce from 40.3% as at September 30, 2020 to 33.6% on a pro forma basis post completion. Completion of the divestment is expected to take place approximately 15 business days after the fulfilment of the conditions. The transaction is expected to complete by the end of February 2021.