Jardine Matheson (JML SP): Additional Office Recycling Speculated
The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking.
First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space“ at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.
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