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 possible disposal by Link of the five properties namely, Fung Wah Estate Retail and Car Park, Ka Fuk Shopping Centre, Kwong Tin Shopping Centre, Siu On Court Retail and Car Park, and Tin Wan Shopping Centre. Open invitation for interest to tender for any or all of these five properties will commence on 22 September 2015 and the tender is scheduled to close at 12:00 noon on 22 October 2015.
Set out below are brief descriptions of the five properties:
(1) Fung Wah Estate Retail and Car Park, located at 4-6 Fung Ha Road, Chai Wan, Hong Kong, comprises principally a 2-storey car park building and various shop units located within the residential blocks of Hiu Fung House and Sau Fung House and open car parks in Fung Wah Estate, together with parking spaces thereat.
(2) Ka Fuk Shopping Centre, located at 8 Chi Ka Lane, Fanling, New Territories, comprises principally a 5-storey commercial/car park building and a 2-storey retail building linked by a footbridge on the first floor in Ka Fuk Estate, together with parking spaces thereat.
(3) Kwong Tin Shopping Centre, located at 168 Pik Wan Road, Lam Tin, Kwun Tong, Kowloon, comprises principally a 3-storey commercial/car park building as well as associated areas in Kwong Tin Estate, together with parking spaces thereat.
(4) Siu On Court Retail and Car Park, located at 2 Tuen Hing Road, Tuen Mun, New Territories, comprises principally a 4-storey split-level car park building, a Kindergarten spreads across the ground floor of Ting Yin House and Ting Chi House and a Youth & Children Centre across the ground floor of Ting Kay House, Ting On House and Ting Hoi House in Siu On Court, together with the parking spaces thereat.
(5) Tin Wan Shopping Centre, located at 15, 17 & 26 Tin Wan Street, Aberdeen, Hong Kong, comprises principally a 6-storey commercial building, the LG/F and four levels of car parks in the adjoining 6-storey car park building and the ground floor of the Tin Wan Estate Housing for Senior Citizens as well as associated areas in Tin Wan Estate, together with parking spaces thereat.
Savills (Hong Kong) Limited and DTZ Debenham Tie Leung Limited have been appointed as the sole agents for the intended disposal of the five properties by way of tender.
George Hongchoy, Chief Executive Officer of Link Asset Management, said, ”Being a responsible manager, we have been assessing the performance of our portfolio, with a view to identifying outlying assets for disposal to streamline and improve operating efficiency. This tender exercise is part of our capital recycling strategy to create more value for our unitholders.”
The tender invitation documents will contain an express reservation of rights to withdraw any of the five properties for sale before acceptance of any tender and not to accept the highest or any tender. Each of the five properties is expected to be sold subject to and with the benefit of its existing tenancies.
Further announcement will be made by Link Asset Management in accordance with the REIT Code if and when any tender is accepted and binding agreement is entered into for the disposal of any one or more of the five properties or no tender for any of the five properties is accepted.