16 Jan 2012

Completion of Maritime Bay Acquisition and New Financing

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HONG KONG, 16 January 2012 – The board of directors of The Link Management Limited, as the manager of The Link Real Estate Investment Trust (“The Link REIT”; Hong Kong stock code: 823), today announced that, pursuant to the terms of the sale and purchase agreement dated 22 December 2011, the acquisition of the retail podium on the ground floor and upper ground floor of Maritime Bay (the “Property”) was completed, marking the second asset acquisition of The Link REIT since its IPO in 2005, and increasing its portfolio size to 182 assets.
 
Mr George Hongchoy, Chief Executive Officer of The Link Management Limited, said, “After the completion of the Maritime Bay acquisition today, we will determine the overall strategy, study the shopping needs of the residents in the area, maximize the potential of the centre, create synergistic value with other neighbouring centres currently owned by The Link REIT, and bring more and better choices to the residents.”
 
Maritime Bay is located at 18 Pui Shing Road, Tseung Kwan O. The Property has a gross floor area of approximately 63,466 square feet. The Property is currently fully-let, with tenant-mix covering principally services, food and beverage and supermarket.  Completed in 1998, the Property is part of Maritime Bay, a composite development with two blocks of residential apartments over a podium, shopping arcade and car park spaces on the ground floor and upper ground floor, and car park spaces on the basement floor.  The Link Management Limited will engage tenants, nearby residents and other stakeholders in communication to keep them informed on matters relating to the transfer of ownership of the Property.
 
New Financing
 
Mr Hongchoy further said The Link REIT has recently issued a HK$500 million 15-year bond through our medium term note programme at a coupon rate of 3.73%. 
 
Mr Hongchoy commented, “This is one of the longest maturity debt issued by REITs in Asia in recent years.  The issue of the 15-year bond is part of our ongoing capital management strategy to lengthen debt maturity for The Link REIT.  Our credit rating stands as one of the strongest in the industry, and we have sufficient cash and facilities on hand to satisfy our ongoing operational needs as well as any future acquisition requirements.”
 
 
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