Asia/Pacific News
NOL Intends to Sell Singapore Headquarters
Singapore-based box shipping and logistics firm Neptune Orient Lines Limited (NOL) today announced their intention to sell the company's Alexandra Road headquarters building.
The move has been taken in order to release capital for "strategic investment", NOL said in a press release.
NOL have made losses in their previous five quarters with Ship & Bunker reporting in May the company announced a loss of $254 million for Q1 2012.
A decision on whether to relocate the 500 people who work in the 26-storey tower, or continue in the building as a tenant, would be taken after a buyer is found.
A reserved price for the 29-year-old building, which is being marketed through global real estate firm Jones Lang LaSalle has not yet been set.
SGX listed NOL wholly owns container shipping firm American President Lines Ltd. (APL) and logistics business APL Logistics.
