SINGAPORE (Dow Jones) –Container shipper Neptune Orient Lines Ltd. (N03.SG) said Monday it plans to sell its headquarters building in Singapore to raise funds for strategic investments.
In a statement, NOL said it has appointed real-estate consultancy Jones Lang LaSalle to market the 26-floor building, located at Alexandra Road in southern Singapore. The company hasn’t yet set a reserve price for the sale, and didn’t specify a time frame for the planned sale.
NOL, which has about 500 staff in the building, will put off a decision on whether to relocate its employees or remain in the building as a tenant until a buyer is identified.
– Chun Han Wong, Dow Jones Newswires