Ascott REIT enters Kuala Lumpur
Ascott Residence Trust has inked deals worth S$173.9 million ($139.1 million) in total to buy its first serviced residence in Kuala Lumpur, Malaysia, as well as properties in Wuhan and Xi'an in China, furthering its presence in China. Entering Kuala Lumpur, Wuhan and Xi'an will diversify the firm’s portfolio across 36 cities and 13 countries.
Ascott REIT will acquire the 207-unit Somerset Ampang Kuala Lumpur from The Ascott for RM 175 million ($54.9 million). Ascott REIT will also acquire the 249-unit Citadines Zhuankou Wuhan and the 251-unit Citadines Gaoxin Xi'an for 252 million yuan ($40.6 million) and 270 million yuan (