CapitaLand’s wholly owned lodging business unit, The Ascott Limited, and its hospitality trust, Ascott Residence Trust (ART), will jointly invest and develop a freehold student housing asset located in South Carolina for $109.9 million.
“The acquisition of our second student accommodation asset is in line with ART’s strategy to grow our longer-stay portfolio to further enhance income stability and create greater value for our Stapled Securityholders. Student accommodation has leases that typically last for a year, and its countercyclical nature further strengthens the resilience of ART’s portfolio against any short-term volatility,” said Beh Siew Kim, CEO of Ascott Residence Trust Management Ltd. and Ascott Business Trust Management Pte. Ltd. (the managers of ART). “This latest acquisition follows ART’s agreement to purchase three rental housing properties in Sapporo, Japan, as well as our first student accommodation asset Paloma West Midtown in Georgia, USA. It
