Nan Fung makes offer for Forterra Trust

Singapore

NAN Fung International Holdings - one of the largest privately-owned property developers in Hong Kong - has made a mandatory conditional cash offer for Singapore-listed Forterra Trust at S$1.85 per unit.

The offer, announced before market opening on Tuesday, sent Forterra units up 16 cents to a six-month high of S$1.86. The business trust is an owner, manager and developer of commercial real estate in China.

The offer, through Nan Fung's indirect wholly owned New Precise Holdings, was triggered by the latter's exercise of an option for 3.05 million units at around 34.8 Singapore cents each. The exercise resulted in Nan Fung and other relevant persons owning 79.…