Ascott REIT Buys S$318.3 Million Portfolio From Sponsor

News about Ascott Residence Trust —

Ascott REIT is acquiring a diversified portfolio of 9 properties from it's sponsor, The Ascott Limited. Located in France, Japan, Vietnam, US and Australia, the assets include serviced residences, rental housings and student accommodation.

The manager expects the transaction to increase distribution per unit by 2.8%.

The transaction is expected to be completed by November 2022, subject to Stapled Securityholders’ approval at an Extraordinary General Meeting to be held on 9 September 2022.

The funding is being done by debt and an immediate private placement of 151,786,000 new units at a price of S$1.120, raising S$170.0 million.

Ascott Residence Trust
Price1.020 SGD
NAV1.130 SGD
Yield (4 quarters)4.51%
Gearing37.5%