NOL intends to sell Singapore headquarters building

Shipping and logistics leader freeing up capital

SINGAPORE, 02 Jul 2012

Shipping and logistics leader NOL Group said today it intends to sell its Singapore headquarters building. The company has not decided on a reserved price for the 29-year-old building but said it is selling to release capital for strategic investment.

NOL has retained the commercial real estate firm Jones Lang LaSalle to market the property. The 26-storey tower is located near the foot of Alexandra Road in Singapore.

About 500 people work in the NOL building. The company said a decision to relocate them or remain in the existing building as a tenant will wait until a buyer is identified.

The sale will be made subject to customary terms and conditions, required regulatory and/or any other approvals.

About NOL
Neptune Orient Lines (NOL) is a Singapore-based global container shipping and logistics company. Its container shipping arm, APL, provides world-class container shipping and terminal services and intermodal operations supported by leading-edge IT and e-commerce. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control. NOL Web site: www.nol.com.sg

NOL press release