The proceeds from the sale is 37% higher than Pelikan’s current market capitalisation at RM250mil.
In a filing with Bursa Malaysia yesterday, Pelikan said it entered into a conditional sale and purchase agreement to sell its warehouse in Germany, including an office to HWE Investor GP S.à r.l, which is part of the Hillwood Group headquartered in Dallas, Texas.
The Hillwood Group is a developer of industrial, commercial and residential real estate and has its primary operations in the United States of America and international operations in the United Kingdom, Germany and Poland.
Pelikan had bought the logistics centre in 2010 together with a 66% stake in a Germany-based Herlitz for about €45mil (RM221.85mil).It is expected to realise an estimated one-off gain of RM184.83mil from the asset sale.