Link Asset Management, the manager of Link Real Estate Investment Trust, will offer five shopping centres worth up to HK$1.27 billion for tender sale.
The five properties are Fung Wah Estate retail and car park in Chai Wan, Ka Fuk Shopping Centre in Fanling, Kwong Tin Shopping Centre in Lam Tin, Kwun Tong, Siu On Court retail and car Park in Tuen Mun, and Tin Wan Shopping Centre in Aberdeen.
“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 unit holders,” said George Hongchoy, chief executive officer of Link Asset Management
The tender will close on October 22 at noon.
Among the five, Ka Fuk Shopping Centre is the largest with an estimated gross floor area of 59,100 square feet. It comprises a 5-storey commercial-car park building and a two-storey retail level linked by a footbridge on the first floor in Ka Fuk Estate, together with parking spaces thereat.
According to its annual report, the valuation for the five properties is HK$1.27 billion.