Nan Fung completes 29.98% acquisition of Forterra Trust
Here's how the latter could benefit from acquisiton.
According to a release, Nan Fung and its affiliates, one of the largest privately-owned property developers in Hong Kong, have completed the acquisitions of 29.98% of Forterra Trust and 100% of the issued equity of Oriental Management Services Limited, the parent company of Forterra Real Estate Pte Ltd and Treasury Holdings Property Management Co., Ltd.
Nan Fung, through another wholly-owned subsidiary, Lucky Token Investments Ltd, has also completed the acquisition of 100% of the issued equity of OMS.
Chung Chun Kwong Eric and Cheung Vincent Sai Sing have been appointed as Non-Independent Non-Executive Directors on the same day.
Being one of the largest privately-owned property developers in Hong Kong, Nan Fung’s major business activities are real estate development and investment, construction, property management and financial investment. In addition to Hong Kong, Nan Fung has investments in the People's Republic of China, Singapore, Malaysia, South Korea, Japan and New Zealand.
Eric Chung, a senior executive of Nan Fung remarked: “Nan Fung is a well-established property developer in Hong Kong and China with a long and successful history and sound financial strength.
As a substantial unitholder of the Trust and 100% owner of the Trustee Manager and Property Manager, Nan Fung will utilise its real estate development capability and investment experience to add value as the Trust seeks to develop and expand its property portfolio in China.
Nan Fung shares Forterra's vision for quality commercial real estate in major cities in mainland China and Forterra's strong focus on investment in Shanghai also reflects our longer term ambitions.
We believe that Forterra Trust will benefit from Nan Fung’s experience in China real estate, and with the other Board members look forward to working closely with Forterra's management team to grow the Trust and deliver value for all unitholders."