29 Dec '11, 10am

Fortune REIT to buy HK properties

Fortune REIT to buy HK properties

SINGAPORE: Fortune Real Estate Investment Trust, a property trust listed in Hong Kong and Singapore, said it will acquire two retail properties in Hong Kong for a total of HK$1.9 billion. Fortune REIT said the purchase consideration for Belvedere Garden Property and Provident Centre Property are HK$1.25 billion and HK$650 million respectively, both at a discount to their respective independent valuations. According to a Knight Frank valuation report, Belvedere Garden Property had an appraised value of HK$1.3 billion as at 30 September 2011, with an estimated net property yield of 5.2 per cent. Meanwhile, Provident Centre Property is valued at HK$680 million, with an estimated net property yield of 4.8 per cent. The proposed acquisition of the new properties will increase Fortune REIT's gross rentable area by 23 per cent. In a statement, Mr Chiu Kwok Hung, Justin, chairman ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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Buy Tiger fortune cookies and help the elderly

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