Glory Ventures Asia (H.K.) Limited signed a letter of intent to acquire Harbour Champ Limited from Prosperity REIT (SEHK:808) for approximately HKD 890 million on December 8, 2016. Glory Ventures Asia (H.K.) Limited entered into a share purchase agreement to acquire Harbour Champ Limited from Prosperity REIT (SEHK:808), managed by ARA Asset Management (prosperity) Limited, on January 20, 2017. Glory Ventures Asia is acquiring the underlying Harbourfront Landmark Property through acquisition of one share of Harbour Champ Limited and the corresponding loan of approximately HKD 330 million. Under the terms of the agreement, HKD 30 million (earnest money) was paid by Glory Ventures at the time of signing letter of intent and a further amount of approximately HKD 58.6 was paid upon signing of the agreement and remaining balance will be paid by Glory Ventures at completion. Pursuant to the Trust Deed, the REIT Manager is entitled to receive a divestment fee of HKD 4.4 million as the divestment fee, which shall be paid as soon as practicable after completion. The deal doesn’t require unit-holders’ approval and completion is not subject to any conditions precedent under the agreement. The deal is expected to close on March 3, 2017. Disposal is expected to be accretive to the NAV of Prosperity REIT. The REIT Manager currently intends to use the proceeds from the disposal, being approximately HKD 880 million for Prosperity REIT’s general corporate purposes and working capital. Pursuant to the Trust Deed, the REIT Manager is entitled to receive a divestment fee of HKD 4.4 million as the divestment fee, which shall be paid as soon as practicable after completion.