BenQ Agrees to $151 Million Sale Leaseback of Taipei HQ Tower

Bangkok Post - July 10, 2007

Taiwan's electronics giant BenQ said Tuesday it had agreed to sell two office buildings in Taipei as part of its cost-cutting plan.

BenQ will sell the two buildings which form its headquarters in the Neihu high-tech district to Taiwan's Shin Kong Life Insurance Co for 5 billion Taiwan dollars (151 million US dollars), BenQ said in a statement.

The two buildings are a 14-storey building with four basement levels and a 11-storey building with four basement levels. BenQ will lease back the taller building to use as its Taipei headquarters.

'This is part of the on-going financial plan to improve the overall financial strength of the company,' BenQ Spokesman Eric Yu said in the statement.

BenQ expects to make a record gain of 1.2 billion Taiwan dollars {36 million US dollars) from the sale of the buildings. The transaction is expected to be completed 40 to 60 days after the signing of the agreement on Tuesday. Sphere: Related Content