HK's Link Sold 12 Government Properties to Private Investors
Hong Kong government-backed Link sold 12 Properties to private investor group in HK. Government backed Link REIT announced today it disposed 12 properties a total consideration of HKD12.01 billion to a consortium led by Gaw Capital Partners.
The consideration, represents approximately a 32.1% premium to the appraised value of the portfolio as of 30 September 2018 and a net disposal gain of about HKD2.79
Following the disposal of the 12 properties and the acquisition of Beijing Jingtong Roosevelt Plaza as announced earlier on 26 Nov 2018, Link will have about 90.1% of its assets in Hong Kong and 9.9% in mainland China. Total portfolio value will amount to about HKD204 billion, the company said.
Proceeds of the sale will be used for new investment opportunities in Hong Kong and in mainland China, in addition to general working capital purposes including debt repayment and, where appropriate, unit buy-backs. Completion of the disposals will take place on 13 March 2019.
- APMR News