New World Development Company Limited (NWD) has sold all of its economic interests in two shopping malls to MTR Corporation for HK$3 billion ($380 million) in Hong Kong.
According to the statement, NWD has signed an agreement with MTR Corporation Limited (MTRC) to sell its economic interests in Hong Kong shopping malls, Telford Plaza II in Kowloon Bay and in PopCorn 2 in Tseung Kwan O. The transactions will be completed on or before 31 March 2020.
Telford Plaza II shopping centre and PopCorn 2 shopping centre were opened in 1997 and 2006 respectively. Spanning 345,000 square feet, PopCorn is centrally located at the hub of Tseung Kwan O atop Tseung Kwan O MTR Station.
Located in the heart of Kowloon East, Telford Plaza mall spans more than 930,000 square feet and plays host to the most diverse and complete selection of shops among its peers in the district.
Upon completion of the transactions, MTR Corporation will hold the entire economic interest of the two shopping centres.
In FY2019, NWD and its subsidiary NWS Holdings Limited have disposed of non-core assets worth HK$2.3 billion and HK$1.3 billion, respectively.