Singapore's Straits Trading to sell South Korea logistics asset for about $296 million

Reuters

Jan 23

Singapore's <a href="https://laohu8.com/S/STTSY">Straits Trading</a> to sell South Korea logistics asset for about $296 million

Jan 23 (Reuters) - Singapore-listed Straits Trading Company STCM.SI said on Friday it had agreed to sell a logistics property in South Korea through its joint venture for around S$378 million ($296 million).

The disposal will be carried out through Sky Logis Private Real Estate Investment, which owns the Arenas Yeongjong Logistics Center in Incheon, South Korea.

The buyer is a major South Korean financial institution acting as trustee of a private trust, the company said.

Straits Trading has an effective interest of 47.3% in Sky Logis.

Completion of the sale is scheduled for January 29 subject to customary conditions, including regulatory clearances and the fulfilment of representations and warranties by both parties, the company said.

($1 = 1.2778 Singapore dollars)

(Reporting by Roshan Thomas in Bengaluru; Editing by Maju Samuel)

((Roshan.Thomas@thomsonreuters.com;))

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