Hong Kong real estate firm Grand Ming Group may sell its whole data center business to an unnamed buyer.

If executed, this would see the company sell its four facilities for HKD$5.25 billion (US$675 million) to a “data center investment and development company headquartered in Singapore that develops and operates data centers across the Asia Pacific.”

The company announced on September 22 that it had entered into a non-legally binding indicative term sheet with an unnamed buyer, outlining the latter’s interest in taking a 100 percent equity interest in Wellford Properties Holdings Limited and Wellford Properties Limited, both of which are Grand Ming’s subsidiaries. The exclusivity period will last 90 days.

The group’s two operational facilities – iTech Tower and iTech Tower 2 – are operated by its subsidiaries Wellford Properties Limited and Winning Tech Limited, respectively. Its two facilities currently in development – iTech Tower 3.1 and iTech Tower 3.2 – are owned by subsidiaries Regal Development and Golden Ford, respectively. All are located in Hong Kong.

As part of an internal reorganization ahead of the proposed deal, Wellford Properties Holdings Limited now holds the equity interest of the various subsidiaries used by Grand Ming to operate its data center business.

Private investment firm Bain Capital had previously shown interest in acquiring Grand Ming’s in-development data centers for HK$2.15bn (US$276m), but the exclusivity period between the two expired on September 15 before a definitive agreement could be signed. Operational facilities were not included as part of the previous deal.

In its September announcement, Grand Ming stated that the deal had fallen through because “the parties were unable to align on certain key commercial terms.”

The new deal, by contrast, is “more strategically advantageous and to deliver more certainty and value to the group in line with its deleveraging objective.”

Established in 1995, Grand Ming is an investment holding company primarily focused on building construction, including “building design, additional and alteration works, and building service engineering works.”