Major infrastructure player, NWS Holdings has sold its entire stake in NWS Kwai Chung Logistics Centre to China Resources Enterprise for HK$375m.
NWS chief executive Tsang Yam Pui said: The transaction represents a good opportunity for NWS Holdings to unlock the value of this property and further enhances shareholder value. The net proceeds will be used in general working capital and funding other investment projects.
Located at Kwai Chung Container Terminals, NWS Kwai Chung Logistics Centre is a five-story ramp-access logistics facility with a gross floor area of 694,000 sq ft. The logistics centre has been fully leased since beginning operations in 2011.
China Resources Enterprise, which has interests in beverage, food processing and distribution, said of its acquisition: “Trading and logistics have been the leading force amongst the Four Pillar Industries, driving Hong Kong’s economy. Following the implementation of the One Belt One Road strategy and the rise of the cross border e-commerce operators, Hong Kong’s logistics industry has substantial room for development.
“The acquired asset fits the business strategy of our logistics division. It is a rare opportunity to buy an asset with such excellent location and fundamentals. We are committed to achieve a satisfactory return.”