Jul.5--NEPTUNE orient Lines (NOL), a Singapore-based global container shipping and logistics company, has announced that the group intends to sell its headquarters building in the Lion City in a bid to free up capital for "strategic investment" without providing further details.

A statement from the group said a selling price had not been settled for the 26-storey, 29-year-old tower at the foot of Alexandra Road in Singapore.

The company said a decision on whether to relocate the 500 staff housed in the building, or to keep them there with the group acting as a tenant, will wait until a buyer is identified.

Commercial real estate firm Jones Lang LaSalle has been tasked with marketing the property for sale, which will be made subject to customary terms and conditions, required regulatory and/or any other approvals.

(Source:shippingazette)