Ascott REIT is announcing the purchase of another American student accommodation, this time in Champaign, Illinois. The 548-bed freehold property, named Seven07, is acquired for US$83.25 million (about S$112.4 million). It serves the students from the nearby University of Illinois Urbana-Champaign (UIUC).
The trust will use existing funds from its September's private placement as well as debt. It expects, pro-forma, an increase in yield by about 1.2%.