OUE Commercial Reit Q2 DPU up 34.7%

A file picture of One Raffles Place shopping mall. PHOTO: OUE
A file picture of One Raffles Place shopping mall. PHOTO: OUE

SINGAPORE - OUE Commercial Reit (real estate investment trust) has posted second quarter distribution per unit (DPU) of 1.36 cents, 34.7 per cent up from the same period a year ago.

The amount available for distribution increased 38.6 per cent year-on-year to S$17.7 million for the three months ended June 30, due primarily to contributions from One Raffles Place, which was acquired in October 2015.

Excluding contributions from One Raffles Place, growth in net property income in the quarter came in 15.9 per cent higher than last year.

Gross revenue for the quarter more than doubled to reach S$45.7 million, mainly due to contributions from One Raffles Place as well as improved performance at OUE Bayfront and Lippo Plaza.