CROCODILE Garments is to sell its retail outlets in Nathan Road to an independent third party for $102.5 million.
Company secretary Kwok Pun-tak said a provisional agreement had been signed between Crocodile's wholly owned subsidiary, City Retailers, and an independent third party on April 3, under which the unnamed purchaser would buy the property at Park Lane Shopper's Boulevard.
The property, which has a total floor area of 2,444 square feet, is used by Crocodile as a retail outlet.
The purchaser is required to pay the sum in cash on or before July 12 on completion of the deal.
Mr Kwok said in an announcement that a gain of $49 million over the book value of the property would be booked in the financial year ended July 31.
Under the agreement, Crocodile would lease back an area of 650 sq ft as a retail outlet on the ground floor from the purchaser for a fixed term of two years starting on July 13.
