SINGAPORE: Ascott Residence Trust (Ascott Reit) will acquire three serviced residences and four rental housing properties in Australia and Japan for $298.3 million.
The accqusitions are expected to increase Ascott Reit’s distribution income for its 2014 financial year by $3.9 million and distribution per unit by 2.9 per cent to 8.44 cents from 8.20 cents on a pro forma basis, the Reit’s manager said in a statement on Thursday.
Ascott Reit will acquire the 380-unit Citadines on Bourke Melbourne from CapitaLand subsidiary The Ascott Ltd for A$158.5 million (S$167.6 million). In addition, the Reit will acquire the remaining 40 per cent interest in the 160-unit Citadines Shinjuku Tokyo and 124-unit Citadines Karasuma-Gojo Kyoto for 3.04 billion yen (S$33.7 million) and 1.44 billion yen (S$16 million) respectively from Ascott. The three serviced residences will continue to be managed by Ascott.
Ascott Reit will also acquire four rental housing properties in Osaka for 7.3 billion yen (S$81 million). Ascott currently holds an 18.9 per cent stake in the four rental housing properties.
