KRC Land makes acquisition in Vancouver

KRC Co. has plans to acquire select real estate assets in Vancouver, Canada, and Hong Kong from NG Holdings.

“The timing is good as I look to diversify into other areas of business and innovation,” said Gary Ng, chairman and CEO of NG Enterprise Holdings Ltd., in a statement.

The purchase of more than 120,000 square feet of developed commercial property in Vancouver along with undeveloped land in Hong Kong has been made via an all-cash deal of $65 million. The acquisition will build on KRC’s position as one of the largest single commercial private landholders in Vancouver.