Emperor International sells industrial building for $508m

The sale shall be by way of transfer of shares of the company.

Investment holding company Emperor International has entered into a sale and purchase agreement with an independent purchaser regarding the disposal of an industrial building
in Kwun Tong at an agreed value of $508m, the company announced.

Under the agreement, the sale of the property “shall be by way of transfer of shares of company and the consideration shall reflect the adjustments based on the consolidated net asset value of the company.”

“It is a good opportunity for the group to realise its investment in the property for a reasonable return. This transaction will enhance the financial position of the group and save up additional reserve for backing up investment opportunities in the future,” Emperor International executive director Donald Cheung said.

The Property is a 10-storey industrial building with a gross area of approximately 89,500 sq.ft.