By Nikki De Guzman:
Ascott
Residence Trust (Ascott Reit) has agreed to purchase three prime
serviced residences in China and 11 Japanese rental properties for
S$287.4 million.
Ascott Reit will acquire Citadines Biyun Shanghai (pictured) for around S$63.2 million and Somerset Heping Shenyang for about S$86.2 million through Ascott Serviced Residence (China) Fund, in which Ascott owns a 36.1 percent stake.
The
trust will also buy Citadines Xinghai Suzhou for approximately S$23.2
million from Ascott. The three China serviced residences will remain
under the company’s management.
Over in Japan, Ascott Reit has
acquired 11 rental properties from ACRJ3, a majority-owned subsidiary of
Ascott, for around S$114.8 million. They comprise 959 apartments across
six cities – Saga, Sendai, Kyoto, Sapporo, Fukuoka and Hiroshima.
“The
acquisitions will broaden Ascott Reit’s earning base and increase the
scale of our portfolio,” said Lim Jit Poh, Chairman of the trust’s
manager, adding that the company’s presence has grown from 25 to 32
cities.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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