Straits Trading's Joint Venture to Sell Logistics Hub in South Korea for KRW432 Billion
MT Newswires
Jan 26
Straits Trading's (SGX:S20) joint venture company, Sky Logis Private Real Estate Investment, held under Straits Real Estate, agreed to sell its logistics center in Incheon, South Korea, to a South Korean financial institution, according to a Friday filing with the Singapore Exchange.
Shares of the real estate firm were up nearly 3% in Monday trading.
Arenas Yeongjong Logistics Center is a Grade A property built on an area of 191,000 square meters.
The total consideration for the property is 432 billion won. The company has a 47.3% stake in Sky and will receive net proceeds of around 95.4 billion won from the disposal.
Meanwhile, the disposal is part of the group's capital recycling strategy.
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