Link Real Estate Investment Trust reached deals to sell five of its properties for a combined HK$3.64 billion.

The total consideration is higher than the total appraised value of the properties by 29%, as of September. The selling price for each property equates to a premium of 13% to 62% over each asset's appraised value.

The company agreed to sell the Sui Wo Court Commercial Centre, On Yam Shopping Centre, Sun Tin Wai Commercial Centre, Cheung Hong Commercial Centre and Shek Wai Kok Commercial Centre to five winning bidders.

The sales, slated to close Feb. 14, 2017, are part of the company's capital recycling strategy to create value for unit holders.

Link REIT plans to apply the proceeds toward general working-capital purposes, including debt repayment and unit repurchases.