McDonald’s is planning to sell eight prime retail properties in Hong Kong with a total market value of around HK$1.2 billion (US$152.89 million), JLL, which has been appointed as the sole agent of the sale, said on Monday.
The sale is offered through public tender to be ended on September 16.
All the properties are secured with long-term McDonald’s leases, and they are available for purchase either individually or as a portfolio.
Bloomberg earlier reported that McDonald’s is looking to offload all 23 of its stores in Hong Kong, with an estimated total market value of around HK$3 billion (US$382 million), according to the Hong Kong Economic Times. The asset sales will take place in phases, beginning with the current batch of eight shops.
All of the properties are secured with long-term leases to McDonald’s, and will be available for purchase either individually or as a portfolio.
The move comes amid a broader effort by the fast-food giant to optimise its asset base in the region. McDonald’s sold its 20-year master franchise rights for China and Hong Kong to a consortium led by Citic Group and private equity firm Carlyle in 2017, while retaining ownership of its real estate portfolio.
- Reporting by Clare Jim; Editing by Christian Schmollinger, of Reuters.
