Ascott Residence Trust Proposes To Acquire Assets In Australia, France, Japan, USA And Vietnam
August 16, 2022 – Ascott Residence Trust (ART) has proposed to acquire nine serviced residences, rental housing and student accommodation properties across five countries from its sponsor, The Ascott Limited.
At an estimated total capitalised cost of S$318.3 million, the yield-accretive acquisition is set to increase ART’s distribution by S$9.2 million (US$6.67 million) and its pro forma FY 2021 Distribution per Stapled Security by 2.8%
The acquisition is expected to strengthen ART’s presence in its existing markets. The assets are predominantly located in Asia-Pacific with seven of the assets in Australia, Japan and Vietnam, and two in France and the USA.
The acquisition of the nine properties with a total of 1,018 units will grow ART’s total assets to S$8.3 billion3as of 31 December 2021 on a pro forma basis, further consolidating ART’s position as Asia-Pacific’s largest hospitality trust. Post-acquisition, ART’s portfolio will exceed 100 properties, with over 18,000 units across 47 cities and 15 countries.
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