Fortune Reit inks deal to buy suburban mall in Hong Kong for $959 million
MAINBOARD-LISTED Fortune Reit has signed a framework agreement to acquire Kingswood Ginza Property in Hong Kong for HK$5.85 billion (S$959 million).
The acquisition is expected to be yield-accretive and provides strong growth potential through asset enhancement initiatives.
Located in Tin Shui Wai, New Territories, the largest new town in Hong Kong, Kingswood Ginza Property is the largest shopping centre in the Yuen Long district.
The property serves a catchment population of close to 288,000 residents, hotel residents of the 1,102-rooms Harbour Plaza Resort City, as well as many visitors from mainland China due to its close proximity to the mainland border.