The REIT, through its wholly-owned subsidiary, entered into an equity purchase agreement with Hangzhou Futou Beigang Enterprise Management Co. Ltd. (HFBEM) and Forchn International Pte. Ltd. (FIPL) on Sept 30 to divest the REIT’s indirect interests in the properties.
The manager of EC World REIT (ECW) has proposed to divest its indirect interests in Stage 1 Properties of Bei Gang Logistics (Beigang) and Chongxian Port Logistics (CXPL) for a consideration of RMB1.37 billion ($276.0 million).
The divestment of the properties is expected to contribute to unlocking value and paring down of loans for the REIT.
