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