Fortune REIT has entered into an agreement with an unnamed entity with regards to the disposal of its property known as Provident Square.

The property was first inducted into Fortune REIT’s portfolio in 2012 at a purchase price of HKD650 million (USD83 million).

Provident Square is now being divested for HKD2.0 billion, which represents a disposal price of over three times its purchase price, and 88.5% over its appraised value.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.