SHANGHAI-UTStarcom Inc. has completed the sale of the company’sapproximately 2.58-million-square-foot manufacturing plant, R&Dcenters, and administrative offices as well as other assets relatedto the property located in Hangzhou to the Hangzhou-based ZhongnanGroup of Cos. The total value of the transaction reachedapproximately $140 million.
“We are very pleased to deliver on our commitment to monetizeour underutilized facility in Hangzhou, China,” says PeterBlackmore, chief executive officer and president of UTStarcom, in aprepared statement. “With this significant infusion of cash,UTStarcom has strengthened its debt free balance sheet and is in astronger competitive position.”
Jones Lang LaSalle assisted the seller, and points out that thisdeal is the largest-ever business park investment transaction inChina to date not only size wise, but in the total transactionamount as well. The sale also marks the first predominantindustrial sector investment transaction in the Hangzhou propertymarket, according to a prepared statement.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.