Link Asset Management Limited (Link Asset Management), as manager of Link Real Estate Investment Trust (‘Link’; Hong Kong stock code: 823), today announced that it will invite interest from the market for the purchase and the possible disposal by Link of five properties:
(i) Sui Wo Court Commercial Centre
(ii) On Yam Shopping Centre
(iii) Sun Tin Wai Commercial Centre
(iv) Cheung Hong Commercial Centre
(v) Shek Wai Kok Commercial Centre
DTZ Cushman & Wakefield Limited and Savills (Hong Kong) Limited have been appointed as the sole agents for the intended disposal of the five properties by way of tender. The invitation for interest to tender for any or all of these five properties will close at 12:00 noon on 15 December 2016.
The management of Link also announced the completion of the review of its asset disposal procedure commenced in the middle of this year. Recommendations from this review will be considered in future asset disposals. Being a responsible manager, Link continually assesses the performance of its portfolio with a view to identifying outlying assets for disposal to streamline its business and to create more value for its Unitholders.
The tender invitation documents will contain the express reservation of rights to withdraw any of the five properties for sale before acceptance of any tender and not to accept the highest bid for any tender. Each of the five properties is expected to be sold subject to and with the benefit of its existing tenancies.
Further announcements will be made by Link Asset Management in accordance with the REIT Code if and when any tender is accepted and a binding agreement is entered into for the disposal of any one or more of the five properties or, if no tender for any of the five properties is accepted.