Fortune Reit launches $244 million rights issue to pay for acquisitions

Singapore-listed Fortune Reit will add three more shopping centres to its portfolio of Hong Kong retail properties at a total cost of $270 million.

Fortune Real Estate Investment Trust has announced a HK$1.889 billion $244 million renounceable rights issue, which will be used as part payment for the HK$2.09 billion $270 million acquisition of three shopping malls in Hong Kong.

Backed by Li Ka-shing's Cheung Kong Holdings, Fortune is listed in Singapore but its existing portfolio of 11 retail malls and properties are all located in Hong Kong. Unusually, the stock also trades in Hong Kong dollars.

The rights issue is interesting...

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