CapitaLand Ascott Trust (CLAS) has acquired the remaining 10 percent stake in Standard at Columbia, a freehold student accommodation property in South Carolina.
The earnings before interest, taxes, depreciation and amortization (EBITDA) yield on total development cost is expected to be approximately 7 percent. This is higher than the 6.2 percent EBITDA yield that was projected in 2021 on the basis that the property has achieved stable performance. The acquisition is funded by proceeds from CLAS’s earlier divestments.
CLAS acquired Standard at Columbia in phases over three years. In June 2021, CLAS and its sponsor, The Ascott Limited, jointly invested to own 90 percent of the student accommodation property on a 50-50 basis and to develop the property. CLAS subsequently acquired Ascott’s 45 percent stake in November 2022.
The 678-bed Standard at Columbia serves more than 35,000 undergraduate and graduate students from the nearby University of South Carolina (U
