Shipping and logistics leader NOL Group has announced that it intends to sell its Singapore headquarters building, the Group press release said. The company has not decided yet on a reserved price for the 29-year-old building but said it is selling to release capital for strategic investment.
NOL has retained the commercial real estate firm Jones Lang LaSalle to market the property. The 26-storey tower is located near the foot of Alexandra Road in Singapore.
About 500 people work in the NOL building. The company said a decision to relocate them or remain in the existing building as a tenant will wait until a buyer is identified.
The sale will be made subject to customary terms and conditions, required regulatory and/or any other approvals.
About NOL
Neptune Orient Lines (NOL) is a Singapore-based global container shipping and logistics company. Its container shipping arm, APL, provides world-class container shipping and terminal services and intermodal operations supported by leading-edge IT and e-commerce. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control.
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