Ascott REIT is announcing the purchase of a student accommodation property in Lubbock, Texas (USA) for US$70.0 million or about S$93.8 million. The freehold property is close to Texas Tech University and was opened in 2017.

To help fund the acquisition, the trust is also launching a private placement of S$150 Million, by issuing 152,594,100 new shares at a unit price of S$0.983.