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Home Media News Releases Disposal of Two Properties with Offers Exceeding Appraised Value by over 27%
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Link Asset Management Limited (“Link Asset Management”), as the manager of Link Real Estate Investment Trust (“Link REIT”; Hong Kong stock code: 823), today announced that on 31 March 2016, Link REIT (through the vendor) entered into agreements with two different buyers in respect of the disposal of two properties by tender, namely:

(i)  Shek Yam Shopping Centre
(ii) Wan Tau Tong Shopping Centre

The aggregate consideration for the two properties offered by the winning bidders amounts to HK$1,690.3 million, which exceeds their total appraised value as at 31 March 2015 by over 27%. The selling price for each of the two properties represents a premium ranging from 18% to 38% on the relevant appraised values.

George Hongchoy, Chief Executive Officer of Link Asset Management said “We are pleased with the market’s response. Disposal is part of our capital recycling strategy to create value for our unitholders. As a responsible manager, we continue to review the portfolio for opportunities to streamline and improve operating efficiency.”

The tender attracted interest from different potential buyers, including property funds and listed companies, with each of the two properties receiving a number of offers. Savills (Hong Kong) Limited and Jones Lang LaSalle Limited were the sole agents for the disposals.

Proceeds will be used for general working capital purposes including debt repayment and, where appropriate, unit buy-back. Completion of the disposals shall take place on 31 May 2016.

Link Asset Management will communicate with tenants, nearby residents and other stakeholders to keep them informed on matters relating to the transfer of ownership of the two properties.
 

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