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Fortune REIT unit wraps up roughly HK$2B sale of Hong Kong asset

Fortune REIT's divestment deal for the Provident Square mixed-use asset in Hong Kong's North Point area was settled as planned Feb. 28, following Farsight Investment Ltd.'s payment of the nearly HK$1.79 billion balance for the transaction.

The CK Asset Holdings Ltd. affiliate said in a filing that the buyer paid a HK$200.0 million deposit for the property that it agreed to buy for approximately HK$1.99 billion in December 2017.

Provident Square has a gross rentable area of roughly 180,238 square feet. It comprises the shopping center and the sub-basement of the entire Provident Centre residential and commercial development at 21-53 Wharf Rd.

The real estate investment trust said when the deal was announced in December 2017 that gains of about HK$921.0 million are expected from the asset disposal.