FINWIRES · TerminalLIVE
FINWIRES

OUE-Tokyo Century JV to Acquire Crowne Plaza Changi Airport in SG$500 Million Deal

By

Real estate and healthcare firm OUE (SGX:LJ3) and finance services provider Tokyo Century (TYO:8439) established a joint venture to acquire the Crowne Plaza Changi Airport from OUE Real Estate Investment Trust (SGX:TS0U) for SG$500 million, Tokyo Century said in a Wednesday release.

Crowne Plaza Changi Airport is a 575-room hotel managed by IHG Hotels & Resorts, situated at Singapore Changi Airport's Terminal 3. The property comprises a 332-room main building and a 243-room extension, with direct connectivity to all airport terminals.

The deal reflects OUE's and Tokyo Century's confidence in Singapore's tourism and aviation sectors, as well as the long-term growth prospects of Changi Airport, which comprises the planned Terminal 5 expansion, according to the release.

Shares of OUE fell nearly 2% in recent trade, while those of OUE Real Estate Investment Trust added over 1%. In Tokyo, shares of Tokyo Century edged up nearly 1%.

Related Articles

Asia

Market Chatter: Toyota to Reduce Overseas Output Amid Hormuz Closure

Toyota Motor (TYO:7203) will slash production outside Japan by about 100,000 units by around February 2027 as the de facto closure of the Strait of Hormuz affects demand overseas, Nikkei Asia reported Wednesday.The automotive giant will also slash electric vehicle production for China, the report said.Toyota did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:7203
Asia

Update: Comet Ridge Secures Commitments for AU$40 million Placement; Shares Hit Five-Year Low

(Updates with the stock movement in the headline and last paragraph.)Comet Ridge (ASX:COI) received firm commitments for a two-tranche placement of new shares to existing and new investors to raise AU$40 million, according to a Wednesday Australian bourse filing.It plans to issue 390.2 million fully paid ordinary shares at an issue price of AU$0.1025 per share. The first tranche seeks to raise around AU$30.6 million utilising the company's capacity, while the second tranche seeks to raise around AU$9.4 million, subject to shareholder approval.It also plans to offer eligible shareholders the opportunity to participate via a share purchase plan to raise up to an additional AU$5 million.Comet Ridge shares declined nearly 22% in recent Wednesday trade and earlier hit their lowest level since July 2021.

ASX:COI
Asia

Gentrack Group Completes Dubai Technology Partners Acquisition

Gentrack Group (ASX:GTK, NZE:GTK) completed its acquisition of airport technology and services provider Dubai Technology Partners, according to a Wednesday filing with the Australian bourse.Dubai Technology Partners has around 60 employees and will be integrated into Gentrack's Veovo airports division, the company said.

ASX:GTKNZE:GTK