Fortune Real Estate Investment Trust, a property trust listed in Hong Kong and Singapore, said it will acquire two retail properties in Hong Kong for a total of HK$1.9 billion. Fortune REIT said the purchase consideration for Belvedere Garden Property and Provident Centre Property are HK$1.25 billion and HK$650 million respectively, both at a discount to their respective independent valuations. According...
Fortune Reit
Fortune REIT, a property trust controlled by Hong Kong billionaire Li Ka-shing, completed the purchase of three properties in Hong Kong, it said in a statement to the Singapore stock exchange today. The total acquisition cost was HK$2.09 billion ($374 million), including fees and expenses, it said. The purchase was partly funded by a rights issue and a term loan, and brings the trust’s asset value to...
Fortune Real Estate Investment Trust says it has received valid acceptances and excess applications for a total of 955,123,404 rights units at the close of Fortune REIT’s rights issue on Oct 7. This represents 115.8% of the total number of rights units available under the rights issue. The manager had on Aug 24 announced the fully underwritten one-for-one renounceable rights issue of 824,879,427 rights...
Mainboard-listed Fortune REIT is launching a HK$1.9 billion or about S$352.6 million rights issue to expand its operations. The REIT will issue about 825 million units in the one-for-one rights offer. The price of HK$2.29 per unit represents a 44 per cent discount to the last traded price of HK$4.10 per unit. Fortune REIT said about HK$1.6 billion of the total amount raised will be used to buy three...
Singapore-listed Fortune REIT, which owns shopping malls in Hong Kong, said its distributable income for the second quarter dipped 0.7 per cent to S$14.7 million. Net property income for the three months ended June edged up slightly by 0.3 per cent to S$21.4 million. Distribution per unit for the first half of the year rose 5.9 per cent from a year ago to 19.6 Hong Kong cents. The REIT said higher...