Link Asset Management to Sell 700 Nathan Road in Mong Kok to Han Bliss Global Limited for HK$2.3 Billion

Link Asset Management Limited, the manager of Link REIT (stock code: 823), announced Friday that it has entered into an agreement with Han Bliss Global Limited to sell its entire interest in 700 Nathan Road in Mong Kok, Hong Kong, for HK$2.3 billion. The property is also known as T.O.P This is Our Place.

Link will enter into an asset management agreement to continue managing the property after the transaction is completed. The sale is expected to close in the first quarter of 2027, the firm said.

Link Asset Management Sells Non-Core Asset in 'Back to Basics' Push

Link said the disposal is part of its ongoing "back to basics" focus on owning and actively managing shopping malls and car parks in Asia Pacific, and on divesting non-core assets to create value for unitholders. The firm said most of the income from 700 Nathan Road is derived from the office segment of the property, and it therefore determined the asset to be non-core.

John Saunders, Link's Executive Director and Chief Investment Officer, said: "We are focused on divesting non-core assets to simplify our business and create value for Unitholders. The disposal of 700 Nathan Road allows us to release capital while continuing to create value from our asset management expertise by managing the property on behalf of the new owner. This reflects our disciplined approach to portfolio management and, at the same time, supports the development of our third-party capital business."

Net proceeds from the sale are intended to be used for unit buy-backs, working capital and/or reinvestment in Link's core portfolio. Further details are contained in an announcement published on the HKEXNews website.

Property Details: 700 Nathan Road and T.O.P This is Our Place

Link acquired 700 Nathan Road in 2016 and subsequently renovated and repositioned the retail portion of the property as T.O.P This is Our Place. The firm said T.O.P was curated as a trend-led shopping destination, introducing new-to-Hong Kong brands, novel retail concepts and crossover pop-ups to appeal to younger shoppers and add vibrancy to the Mong Kok retail scene.

The project comprises a retail-entertainment mall and an office building. The retail portion occupies eight levels and includes an underground connection to Mong Kok MTR station. The retail asset has 173,333 square feet of internal floor area. The broader project is a 23-storey development, consisting of a 15-storey tower and an eight-storey retail podium, with 26,456 square metres of gross floor area, or approximately 284,773 square feet.

Using the HK$2.3 billion consideration and the 173,333-square-foot retail internal floor area produces an indicative value of approximately HK$13,270 per square foot. That figure is not a formal price-per-square-foot measure for the entire mixed-use asset, because the denominator excludes the office component and differs from the project's gross floor area.

Hong Kong Market Context for Link REIT

Link reported 97.8% occupancy across its Hong Kong retail portfolio for the year ended March 31, 2026. Rental reversion for the period was negative 8.2%, and average monthly unit rent declined to HK$60.1 per square foot from HK$63.3 a year earlier. Link's Hong Kong retail revenue declined 3.9% year over year, with pressure attributed to negative rental reversions, stronger e-commerce competition and higher operating costs.

On the office side, the value of Link's Hong Kong office property portfolio fell 11.0% to HK$5.091 billion, reflecting more conservative market-rent assumptions and weak office demand. By contrast, Link's international retail markets were stronger, with Singapore and Australia described as having near-full occupancy and positive rental reversions.

Implications for Link Asset Management's Third-Party Capital Strategy

The transaction separates ownership of 700 Nathan Road from its operation. Link receives capital from the sale while retaining a management role, an arrangement the firm said supports the development of its third-party capital business. Link describes itself as focused on owning and actively managing shopping malls and car parks in Hong Kong, tier-one cities of the Chinese Mainland, Singapore and Australia, and as committed to developing capital partnerships in which it may co-own or manage third-party capital.

Link manages Link Real Estate Investment Trust, one of the largest REITs in Asia. Whether the proceeds are applied to unit buy-backs, working capital or reinvestment in the core portfolio will depend on Link's final capital-allocation decisions following completion.

Sources

• Link Asset Management news release: Link Announces Disposal of 700 Nathan Road for $2.3 Billion
• HKEXNews announcement: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1030/2026103002587.pdf