SINGAPORE (Dec 20): The manager of Fortune REIT says it is selling Provident Square in Hong Kong for a consideration of HK$2 billion ($344.5 million) via its wholly-owned special purpose vehicle Elveden Enterprises, to Farsight Investment Limited.

The consideration represents a premium of approximately 88.5% of the property’s appraised value of HK$1.061 billion.

Fortune REIT is expected to book a gain of approximately HK$921 million upon completion of the disposal.

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