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Fortune Reit obtains new banking facilities

THE manager of Fortune Real Estate Investment Trust (Reit), ARA Asset Management (Fortune) Limited, said the Reit has obtained new banking facilities.

Fortune Reit has entered into two five-year term loan facility agreements of an aggregate principal amount of HK$3.2 billion (S$580 million), comprising a HK$2 billion secured term loan and HK$1.2 billion unsecured loan.

The new facilities bear a blended interest margin of 1.2 per cent a year over the Hong Kong Interbank Offer Rate and will mature and become payable on Dec 22, 2020.

The new facilities will be used to refinance existing debt and also for other general corporate purposes. They will be drawn in March 2016.

Fortune Reit last traded at HK$7.63, down two HK cents.