Ascott REIT buys assets in Australia and Japan
Singapore-based Ascott Residence Trust has acquired three serviced residences and four rental housing properties in Australia and Japan from Ascott Ltd. for a total of $222.07 million.
The transaction includes the 380-unit Citadines on Bourke Melbourne, which the REIT will acquire from Ascott Ltd. for A$158.5 million ($122.76 million). Ascott Residence Trust will also buy the remaining 40 percent interest in Citadines Shinjuku Tokyo and Citadines Karasuma-Gojo Kyoto for about ¥3 billion ($24.2 million) and ¥1.4 billion ($11.3 million), respectively, from Ascott Ltd.
Ascott Residence Trust’s asset size will also increase from $3.1 billion to $3.28 billion, bringing it closer to its target asset size of S$6 billion by 2017.
Ascott Residence Trust currently owns 90 properties in 37 cities across the Asia Pacific and Europe. The REIT is managed by Ascott Residence Trust Management Ltd., an indirect subsidiary of Singapore’s CapitaLand.