NOL plans to sell its Singapore headquarters building as part of an ongoing cost-reduction and restructuring program that is producing wide-spread layoffs globally.
The liner-shipping, logistics and port-operating group said Monday it has not decided on a reserve price for the 29-year-old building but is selling it to release capital for strategic investment.
NOL has retained the commercial real estate firm Jones Lang LaSalle to market the property. The 26-story tower is located near the foot of Alexandra Road in Singapore.
APL, NOL’s liner-shipping subsidiary, is in the middle of a global effort to reduce costs by as much as $500 million in the coming year. After NOL announced a first-quarter loss of $254 million, APL, the world’s seventh-largest container line by vessel capacity, started laying off as many as 400 employees at offices around the world.
About 500 people work in the NOL headquarters building in Singapore. The company said a decision to relocate them or remain in the existing building as a tenant will wait until a buyer is identified.
NOL said the building’s sale is subject to customary terms and conditions, required regulatory and/or any other approvals.