Link Asset Management. as manager of Link REIT is putting five retail properties on the market by tender.
The five are: 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. Link has launched an open invitation for interest to tender for any or all of these five properties, scheduled to close at 12 noon on October 22.
The properties:
Fung Wah Estate Retail and Car Park, located at 4-6 Fung Ha Rd, Chai Wan, Hong Kong, comprises principally a two-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.
Ka Fuk Shopping Centre, located at 8 Chi Ka Lane, Fanling, New Territories, comprises principally a five-storey commercial/car park building and a two-storey retail building linked by a footbridge on the first floor in Ka Fuk Estate, together with parking spaces thereat.
Kwong Tin Shopping Centre, located at 168 Pik Wan Rd, Lam Tin, Kwun Tong, Kowloon, comprises principally a three-storey commercial/car park building as well as associated areas in Kwong Tin Estate, together with parking spaces thereat.
Siu On Court Retail and Car Park, located at 2 Tuen Hing Road, Tuen Mun, New Territories, comprises principally a four-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.
Tin Wan Shopping Centre, located at 15, 17 & 26 Tin Wan St, Aberdeen, Hong Kong, comprises principally a six-storey commercial building, the LG/F and four levels of car parks in the adjoining six-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.
Link Asset Management CEO George Hongchoy said the tender process is a result of Link REIT assessing the performance of its 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.”