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Ascott Residence Trust (Ascott REIT) announced Thursday (25 June) it will acquire three serviced residences and four rental housing properties in Australia and Japan worth S$298.3 million.
In Australia, the REIT will acquire the 380-unit Citadines on Bourke Melbourne from The Ascott Limited (Ascott) for AU$158.5 million (S$167.6 million), while over in Japan, Ascott Reit will also acquire from Ascott the remaining 40.0 percent interest in the 160-unit Citadines Shinjuku Tokyo and 124-unit Citadines Karasuma-Gojo Kyoto3 for JPY3,040 million (S$33.7 million4) and JPY1,440 million (S$16.0 million4) respectively. The three serviced residences will continue to be managed by Ascott, the REIT said.
In addition, Ascott Reit will acquire four rental housing properties in Osaka for JPY7,300 million (S$81.0 million).
Lim Jit Poh, Chairman at Ascott Residence Trust Management Limited, said: “The seven prime assets with 1,1525 apartment units will broaden Ascott Reit’s earning base and increase our scale to 11,368 apartment units in 95 properties across 39 cities, further diversifying our portfolio across key cities globally. Ascott Reit’s asset size will also enlarge from S$4.1 billion to S$4.4 billion, bringing us closer to our target asset size of S$6.0 billion by 2017.”
Image: Citadines on Bourke Melbourne (Source: Ascott REIT)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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