[SINGAPORE] Hong Kong-listed Link Real Estate Investment Trust (Reit) is selling its retail space on the first and third levels of Thomson Plaza for S$250 million.

The buyers are Jack Investment, which owns Leisure Park Kallang, and Pangjwee Development.

The divestment of Swing By @ Thomson Plaza is priced at a 23 per cent premium to the property’s most recent book valuation of S$202.6 million, said Link Reit’s manager on Wednesday (Apr 8).

It is also about 45 per cent higher than the purchase price of S$172.5 million.

The sale forms part of Link Reit’s ongoing portfolio strategy, which “aims to recycle assets, where appropriate, in order to create value for unitholders”.

John Saunders, executive director and chief investment officer of Link Reit’s manager, said that the Reit is continuing to “focus on its core strength of retail malls in Asia-Pacific and is keen to increase its exposure in Singapore”.

Still, asset recycling “remains an integral part” of its portfolio optimisation strategy, he added. “We regularly screen our assets to assess whether we believe we have maximised near-term value with a decision to hold being effectively a decision to buy again at today’s price.”

Saunders said that since Link Reit’s