DBS Bank To Sell and Leaseback Hong Kong Office Building

Yahoo / Dow Jones - January 16, 2006

DBS Bank (Hong Kong) Ltd., the Hong Kong arm of Singapore's DBS Group Holdings Ltd. (D05.SG), said it will auction the office building it now occupies in Hong Kong's Central district. DBS Bank plans to lease back the 23-story building for six years after the sale, the company said in a statement Sunday. DBS is the sole occupant of the building, which has a gross floor area of 90,703 square feet.

Bids for the building are due by Feb. 22 and the sale is expected to be completed in May, the bank said. DBS said the sale and leaseback arrangement is intended 'to enhance the efficiency of the bank's balance sheet and to re-deploy funds for further expansion in the growing Asia market.' DBS also recently sold its Shenton Way office building in Singapore to a group of funds managed by Goldman Sachs. Sphere: Related Content