Link Real Estate Investment Trust's Link Properties Ltd. special-purpose vehicle completed its approximately HK$12.01 billion agreement with a Gaw Capital Partners-led consortium for the sale of 12 shopping centers in Hong Kong.

Under the transaction, which settled as expected March 13, Link Properties divested the portfolio to the group, which also included Goldman Sachs Group Inc. and Blackstone Group LP.

The properties total 1.1 million square feet of retail space and more than 4,700 parking spaces.

The company expected to yield about HK$2.79 billion from the transaction, with the proceeds intended for general corporate expenditures, including, but not limited to, debt repayment and unit buybacks.