Ascott Residence Trust (Ascott Reit) has acquired a rental housing property in Fukuoka, Japan from The Ascott Limited (Ascott) and ArcResidential Japan Investments for 6.3 billion yen (approx. S$78.4 million).
In a statement, Ascott Reit said that on a pro forma basis, the accretive acquisition
will increase 2013 distribution per unit by 2.1 percent from 8.40 cents
to 8.58 cents.
The 389-unit Infini Garden (pictured) comprises two, three and four-bedroom apartments and is centrally located in Island City, an artificial reclamation island in Hakata Bay, which in recent years has undergone major infrastructure development. The 16-storey property is a 25-minute drive to the central business district.
Lim Jit Poh, Chairman of the trust’s manager, said: “Infini Garden is our second property in Fukuoka. It will strengthen Ascott Reit’s presence in Japan, the world’s third largest economy.”
Ascott Reit currently owns three serviced residences and 30 rental housing properties in Japan. Its rental housing properties there have an average occupancy of 95 percent.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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