OUE to acquire iconic US tower in Los Angeles for $459 million

OVERSEAS Union Enterprise (OUE) today said it will acquire the iconic US Bank Tower in California, United States for US$367.5 million (S$459.4 million).

The acquisition, through its wholly-owned US subsidiary Beringia Central, will also include related properties Maguire Gardens and a car park facility in downtown Los Angeles.

The deal is part of OUE's efforts to strengthen its portfolio of commercial properties and enhance long term shareholder value, the Singapore-listed company said in a statement.

Rising to 1,018 feet, with 72 floors of office accommodation and six levels of underground parking, US Bank Tower has an area of about 1.4 million square feet. The building was completed in 1989.

It is currently about 56.3 per cent occupied with a diverse tenant base.

Said OUE executive chairman Stephen Riady: "After a successful 2012, OUE is seeking new avenues for growth where value can be identified and realised."