Fortune REIT completes divestment of Provident Square

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Fortune REIT announced on 28 February that it has completed the disposal of Provident Square on the same day.

The Hong Kong-heavy REIT first disclosed in December 2017 that it has entered into an agreement with an unnamed entity to divest the property for HKD2.0 billion (USD255 million).

Provident Square was first inducted into Fortune REIT’s portfolio in 2012 at a purchase price of HKD650 million, and as such, the divestment consideration represents an increase of more than three times it purchase price, and about 88.5% over its appraised value.

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