Farsight Investment Limited entered into a sale and purchase agreement to acquire Provident Square and Provident Centre from Fortune REIT (SGX:F25U) for HKD 2 billion on December 19, 2017. As consideration, a deposit of HKD 200 million was paid upon execution of the agreement and subject to adjustment, the balance of consideration (which includes repayment of an intra-group loan owing by Provident Square and Provident Centre) shall be paid and settled at completion. In case the deal gets terminated due to non-fulfillment or non-waiver of conditions or Fortune REIT failing to satisfy its obligations in relation to the completion, the deposit will be returned within 7 business days after such termination. For the 12 months ended December 31, 2016, Provident Square and Provident Centre had net property income of HKD 23 million and net loss after tax of HKD 12.3 million. The deal does not require approval of unit holders of Fortune REIT. Completion is expected to take place on February 28, 2018. The transaction is accretive to the net asset value of Fortune REIT. The net proceeds from the deal will be utilized for general corporate purpose and working capital including repayment of an existing bank loan. ARA Asset Management (Fortune) Limited, being the manager of Fortune REIT, is entitled to receive a divestment fee in cash of 0.5% of the deal value. Farsight Investment Limited completed the acquisition of Provident Square and Provident Centre from Fortune REIT (SGX:F25U) on February 28, 2018. Farsight Investment Limited paid or was procured to have been paid HKD 1.8 billion in cash at completion, being the balance of the consideration. As of April 12, 2018, the consideration after post-completion adjustment based on the final completion accounts was determined. A sum of HKD 0.27 million being the post completion adjustment amount will be paid by Fortune REIT to Farsight Investment in cash on or before April 18, 2018.