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SINGAPORE (March 20): Chinese tycoon Gordon Tang has emerged as a substantial shareholder in OUE Commercial REIT (OUE C-REIT).
Tang, who heads property developer Singhaiyi Group, now owns 7.68% of OUE C-REIT, up from his previous holding of 4.88%, following a private placement.
Tang was a cornerstone investor in OUE Commercial REIT when it was listed in 2014.
According to analyst Tata Goeyardi of Religare Capital Markets, Tang could increase his exposure to OUE C-REIT after selling his entire stake in Cambridge Industrial Trust (CREIT) -- which could have been worth $70-80 million -- to Wheelock Properties.
According to Bloomberg, Tang also owns 7.8% of Suntec REIT worth about $350 million and about 9.7% of OUE Hospitality Trust worth about $120 million.
As at 12 noon, units of OUE C-REIT are trading at 68 cents.