Tuesday, July 14, 2020
Martin Hennecke

Link REIT shares rise on move to sell $10b malls
Shares of Link REIT (0823) once rose as much as 4.1 percent yesterday to a near one-week high as a local newspaper reported it is in talks with Blackstone Group to sell over 10 shopping centers at a valuation of more than HK$10 billion. The latest batch of malls on sale are mostly located at public housing estates, the Ming Pao reported adding that the Shan King Commercial Centre in Tuen Mun is the largest of the lot, spanning over 120,000 square feet, with 638 car-parking spaces. The mall entre had a valuation at around HK$1.39 billion as of March this year, according to Link REIT's annual report. Link REIT declined to comment on the report and said last month that it is conducting a portfolio review while Blackstone did not immediately respond to a request for comment. "No decisions have been made as to any proposal, and there is no assurance that it will lead to any transaction," Link said in a statement to Reuters. Other malls reported to be on sale include the 85,000-sq-ft Lei Tung Commercial Centre in Ap Lei Chau which has 687 car-parking spaces, and the 61,000-sq-ft Chun Shek Commercial Complex in Sha Tin, with 583 car parking spaces. They have valuations of HK$1.14 billion and HK$770 million respectively. The 26,500-sq-ft Wang Fai Centre with 290 car-parking spaces in Kowloon is valued at HK$500 million. Shares of Link REIT closed 2.55 percent higher at HK$72.40.
Previous news : HKMA sells $13.4b to defend peg


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