OUE REIT (SGX:TS0U) clarified that while talks over the potential sale of One Raffles Place are ongoing, no binding agreement has been reached, according to a Thursday filing with the Singapore Exchange.

The announcement was made in response to an article by The Business Times reporting that IOI Properties (KLSE:IOIPG) and CapitaLand Investment (SGX:9CI) are in exclusive due diligence to acquire the commercial propeorty in a joint bid.

The real estate investment trust confirmed that it is in exclusivity with entities linked to IOI Properties and CapitaLand Investment as the parties conduct due diligence and negotiations.

OUB Centre, an indirect subsidiary holding an 81.54% interest in the property, is conducting the sale exercise alongside United Overseas Bank (SGX:U11), which holds the remaining 18.46% stake.