F-Reit secures equity funding

Cheung Kong''s Fortune Reit raises funds to double asset base.

Singapore-listed Fortune Reit raised $148 million yesterday June 15 from a 184.6 million unit placement to institutional investors led by DBS, HSBC, JPMorgan and UBS. The deal was priced at HK$6.23 per unit, which represented a 4.93% discount to the VWAP Volume Weighted Average Price, or a 4.15% discount to the stock's HK$6.5 close on Tuesday.

However, the real discount was 2.48% to an adjusted VWAP and 1.7% to spot. This is because the stock does not go ex-divided for an additional two weeks and investors in the new deal will not benefit from the accrued dividend over this period. As a result, the...

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