Nam Tai Property Inc. (NTP), a Chinese owner, developer, and operator of technology parks, announced on Monday that it has inked a deal with the local government of Wuxi to sell its Wuxi Property for RMB 224.8 million, or around $31 million.
The move follows a comprehensive review of Nam's portfolio, where it identified the selling property as a non-core asset, representing a small percentage of the company's gross asset value.
Wuxi has paid 50 percent of the exit price upon signing the deal and will pay the remaining balance at closing, on or before June 30.
Built in 2008 and entitled for industrial use, the property has a gross land area of 43,697 square meters and is located in an industrial corridor in Wuxi.
In conjunction with the deal, Nam has also entered into a settlement agreement with the master tenant to pay the master tenant RMB 7.8 million. Moreover, Nam may incur additional settlement or relocation costs in exchange for the orderly exit of certain sublessees.
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