OUE C-REIT’s occupancy rate drops 3ppt in 2Q16

Was it hurt by declining market rents?

OUE Commercial REIT’s occupancy endured a slight decline in 2Q16 compared to the previous quarter, prompting management for proactive measures.

Results statement from the real estate trust bared that portfolio committed occupancy was stable at 94.5% as at 30 June 2016 compared to 94.8% a quarter ago, with higher average year-on-year passing rents at all three properties including OUE Bayfront and newly-acquired One Raffles Place in Singapore, and Lippo Plaza in Shanghai.

“The Manager will continue its proactive efforts to attract new tenants as well as retain existing tenants. Together with our prudent and disciplined approach to capital management, we will remain focused on delivering stable and sustainable returns for our Unitholders,” the statement said.