Hong Kong-based construction engineering company Hanison Construction Holdings has stamped a deal to buy an industrial building in Kowloon.
Hanison agreed to acquire the Hay Nien Industrial Building at 1 Wai Yip Street in Kwun Tong area, Kowloon for 489 million Hong Kong dollar ($62.3 million).
Hanison, which will pay about $990.6 per square foot, said that the property is expected to be a valuable investment opportunity that will enable it to enhance its portfolio.
The deal is expected to close in May of this year and Hanison agreed to lease-back three floors of the building to Hay Nien until the end of this year.