Link REIT offloads 12 properties to Gaw Capital for HK$12.01bn

Link REIT, the largest real estate investment trust in Asia, has announced the sale of 12 properties to a Gaw Capital-led consortium for a total of HK$12.01bn

The sale follows a competitive bidding process, with the offer representing a 32.1% premium on the portfolio’s 30 September valuation.

HSBC and Cushman & Wakefield served as advisors to the portfolio review and disposal exercise, according to Link’s press release.

In its statement, Link said the portfolio’s sale, along with its acquisition of Beijing Jingtong Roosevelt Plaza announced on 26 November, will mean that 90.1% of its $204bn in assets will be based in Hong Kong, with the remaining 9.9% in mainland China.

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“Despite recent market volatility, the property sale attracted overwhelming interest from leading international investors, including global and regional private equity funds, as well as local investors,” said George Hongchoy, CEO of Link Asset Management Limited and Manager of Link REIT, in the statement.

“We are confident that with Gaw Capital Partners’ expertise and experience in asset management, they will continue to create value for stakeholders by further enhancing the operations of the disposed properties,” he added.

According to the statement, Link Asset Management will continue to communicate with stakeholders, tenants and nearby residents with updates regarding the properties’ sale.

Ownership of each property will have been transferred to the consortium in full on 13 March 2019.

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