Grand Ming Group receives interest for data centre assets

Grand Ming Group Holdings Limited announced that its subsidiary, Wellford Properties, has received a letter of interest for the potential acquisition of Regal Development and Golden Ford, which own the iTech Tower 3.1 and iTech Tower 3.2 data centers, respectively. The potential purchaser is a data infrastructure builder. The maximum consideration for Regal Development is set at HKD1.5 billion. The consideration for Golden Ford will be the aggregate of land and construction costs, with HKD650 million already agreed, pending verification. The deal is subject to due diligence and regulatory approvals, and the potential purchaser has an exclusivity period of 90 days, with a possible 30-day extension.