2012-07-05 16:34

NOL intends to sell Singapore headquarters building

Shipping and logistics leader NOL Group said today it intends to sell its Singapore headquarters building.

The company has not decided on a reserve price for the 29-year-old building, but said it is selling to release capital for strategic investment.

NOL has retained the commercial real estate firm Jones Lang LaSalle to market the property.

The 26-storey tower is located near the foot of Alexandra Road in Singapore.

About 500 people work in the NOL building. The company said a decision to relocate them or remain in the existing building as a tenant will wait until a buyer is identified.

The sale will be made subject to customary terms and conditions, required regulatory and/or any other approvals. < Korea Shipping Gazette >

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