Link Reit sell-down

Link Reit block raises $240 million in weak market

An undisclosed institutional seller surprises investors by launching a deal after the Hong Kong market had its worst fall in six months, but thanks to a generous discount, the demand was fairly solid.
<div style="text-align: left;">
The recently refurbished Stanley Plaza in Stanley is part of Link Reit’s portfolio</div>
<div style="text-align: left;"> The recently refurbished Stanley Plaza in Stanley is part of Link Reit’s portfolio</div>

An unidentified institutional shareholder has raised HK$1.87 billion $240 million from the sale of units in Link Real Estate Investment Trust, the first block trade in Asia in two weeks. The deal, which was launched at about 7.15pm on Wednesday, took the market by surprise as it came on a day when the Hang Seng Index fell 3.2% its worst session in six months and as investors were mostly focused on taking risk off their books.

As a reflection of that, the units was offered at a fairly generous price and some observers said the final discount of 6.5% was significantly wider than would have been needed in a...

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