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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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