Shopping center-focused Link Real Estate Investment Trust completed the sale of 17 Hong Kong malls to a Gaw Capital Partners-led consortium for HK$23 billion.
The properties sold are Cheung Hang Shopping Centre, Lions Rise Mall, H.A.N.D.S (Yau Oi Commercial Centre & On Ting Commercial Complex), Kwai Fong Plaza, Kai Yip Commercial Centre, Kwai Shing East Shopping Centre, Kam Tai Shopping Centre, Lai Kok Shopping Centre, Lei Cheng Uk Shopping Centre, Lee On Shopping Centre, Shek Lei Shopping Centre, Shun Tin Estate Retail and Car Park, Tai Wo Hau Commercial Centre, Tsing Yi Shopping Centre, Tsz Ching Shopping Centre and Yung Shing Shopping Centre.
Gaw will be responsible for managing the assets post-disposal, according to a release.
After the deal, roughly 91.2% of the company's assets are in Hong Kong and 8.8% in mainland China. Proceeds from the sale, which was announced in November 2017 as part of a capital recycling program, will be used for new investment opportunities in Hong Kong and first-tier cities in China and for general working capital purposes, including debt repayment and unit buybacks.
