Hong Kong, 30 March 2005 – LAWFUEL – The Law News Network – Baker & McKenzie is pleased to announce that it represented Fortune REIT in its recent entry into conditional sale and purchase agreements to acquire six retail properties in Hong Kong for an aggregate purchase price of about HK$3.4billion. When completed, the acquisitions will almost double the assets of Fortune REIT. The acquisitions are expected to be completed in late June 2005.
Fortune REIT was first listed on the Singapore Exchange Securities Trading Limited in August 2003 and currently holds a portfolio of five shopping malls in Hong Kong worth about HK$4.2billion. Baker & McKenzie had advised Cheung Kong (Holdings) Limited on (among other things) the sale of the initial property portfolio to Fortune REIT at the time of Fortune REIT’s listing and initial public offering.
Milton Cheng and Jason Ng of the Hong Kong office of Baker & McKenzie led the team that advised Fortune REIT on Hong Kong law issues, with Debbie Cheung advising on Hong Kong real estate issues.
Speaking on Baker & McKenzie’s involvement in the transaction, Milton commented “We are delighted to continue our involvement with the Fortune REIT, which remains today the only listed REIT involving Hong Kong properties.”