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Link REIT sells 2 Hong Kong properties for HK$1.69B

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Link REIT sells 2 Hong Kong properties for HK$1.69B

on March 31 sold two commercial centers in Hong Kong for a combined price ofHK$1.69 billion.

YanYan Motors Ltd. acquired the Shek Yam Property for HK$880.0 million andProsperous Glory Investment (H.K.) Ltd. bought the Wan Tau Tong Property forHK$810.3 million.

Linksigned the accepted tender documents with the purchasers through its whollyowned special purpose vehicle, Link Properties Ltd. The divestment of the twoproperties formed part of a sale-by-tenderprocess that closed at 12 p.m. on March 30, local time.

ShekYam is a seven-floor commercial-car park building at the Shek Yam Estate inKwai Chung, New Territories. The Wan Tau Tong Property, on the other hand,comprises a two-floor commercial center, a four-level car park block, a shopunit and various open car parks at the Wan Tau Tong Estate in Tai Po, NewTerritories.

Linksaid it intends to use the net proceeds worth around HK$1.68 billion, afterdeducting the expenses from the aggregate consideration, for general corporatepurposes that include repayment of indebtedness and funding the repurchase ofunits.

Savills(Hong Kong) Ltd. and Jones Lang LaSalle Ltd. acted as agents of Link's managerfor the sale of the Shek Yam and Wan Tau Tong shopping centers.