fortune-reit-launches-244-million-rights-issue-to-pay-for-acquisitions

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 because, according to bankers, it is really the first among the recent Singapore Reit fundraisings that is principally about supporting growth, as opposed to recapitalisation or debt refinancing. As such, it may well signal that...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222