NOL sells freehold HQ building to free up capital

NOL Group is selling its Alexandra headquarters premises to raise funds.

The shipping and logistics leader has been reporting losses for the past five financial quarters.

According to a media statement released on Monday, NOL said the sale will help the company “release capital for strategic investment”.

NOL Building is located at 456 Alexandra Road.

It sits on a 108,060-square-foot site, with a gross area of close to 300,000 square feet.

NOL currently occupies 90 per cent of the 26-storey building, which it plans to lease.

The sale of this freehold commercial space building will close by mid-August.

Source : Channel NewsAsia – 2 Jul 2012

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