Link, the manager of Link REIT (stock code : 823) today (Friday) announced that it has entered into an agreement with Han Bliss Global Limited to dispose of its entire interest in 700 Nathan Road, also known as T.O.P This is Our Place, in Mong Kok, Hong Kong, for a consideration of $2.3 billion. Link will enter into an asset management agreement to continue managing the property following completion of the transaction.
The disposal is part of Link's ongoing 'back to basics' focus on owning and actively managing shopping malls and car parks in Asia Pacific and to divest non-core assets to create value for Unitholders. Most of the income is derived from the office segment of the property, and as such Link determined the asset to be non-core.
John Saunders, Link's Executive Director and Chief Investment Officer, said: "We are focused on divesting non-core assets to simplify our business and create value for Unitholders. The disposal of 700 Nathan Road allows us to release capital while continuing to create value from our asset management expertise by managing the property on behalf of the new owner. This reflects our disciplined approach to portfolio management and, at the same time, supports the development of our third-party capital business."
Link acquired 700 Nathan Road in Mong Kok in 2016 and subsequently renovated and repositioned the retail portion of the property as T.O.P This is Our Place. T.O.P was curated as a trend-led shopping destination, introducing new-to-Hong Kong brands, novel retail concepts and crossover pop-ups to appeal to younger shoppers and add vibrancy to the Mong Kok retail scene.
The transaction is expected to be completed in the first quarter of 2027. Net proceeds from the disposal are intended to be used for unit buy-backs, working capital and/or reinvestment in the core portfolio.
Further details please refer to an announcement published on HKEXNews website.
High resolution photos can be downloaded here.
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About Link Asset Management Limited
Link Asset Management Limited (Link) is a leading, independent, and fully integrated real estate investor and manager focusing on the APAC region. It manages Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823), one of the largest REITs in Asia, and its real estate investment portfolio.
Link focuses on its strengths and track record in owning and actively managing shopping malls and car parks in the key markets across Asia Pacific, namely Hong Kong, tier-one cities of the Chinese Mainland, Singapore and Australia. Link is also committed to developing new capital partnerships where Link may co-own and/or manage third party capital, as well as exploring value-add opportunities which provide further diversification and help to enhance returns and unitholder value.
Link aspires to be the trusted partner in APAC real estate sector for unitholders, capital partners, tenants, and the wider communities it serves.
For more information about Link, please visit https://www.laml.com.