Fortune REIT disposes Provident Square for HKD2 billion

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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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