Fortune Reit raises $125 million from upsized placement

The money will help fund a proposed $754 million acquisition of a Hong Kong shopping mall from Cheung Kong, which is the largest owner of the Li Ka-shing-backed Reit.

Fortune Reit raises $125 million from upsized placement

Fortune Real Estate Investment Trust, which is backed by investor Li Ka-shing and focuses on shopping malls and other retail properties in Hong Kong, has raised HK$975 million $125 million from a sale of new units, after upsising the deal by 23.5%.

The deal attracted about 50 accounts, with allocations heavily skewed towards long-only investors and current unitholders, according to a source close to the placement.

The price was fixed just...

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