Link REIT proposed to issue 425.64 million rights units to existing holders in the proportion of one rights unit for every five held, it said in a filing to the Hong Kong bourse.

The rights units will be issued at HK$44.20 each, representing a 29.6% discount to Thursday's close of HK$62.80 per unit before a trading halt. Trading in the units will resume on Monday.

Link REIT, which has a market value of $17.03 billion, said the proceeds will be used to repay existing debt, for general working capital and for future investment in retail, car park, office and logistics sectors across Asia Pacific.

($1 = 7.8497 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by David Goodman)