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Ascott Residence Trust on Tuesday (10 October) has completed the acquisition of Ascott Orchard Singapore for an aggregate consideration of $405 million.
Featuring a gross floor area of 17,333 sq m, the 20-storey property was acquired from CH Commercial Pte. Ltd. and CH Residential Pte. Ltd., with the acquisition approved at the extraordinary general meeting held on 27 July 2012.
Ascott Reit has launched a fully underwritten renounceable rights issue in March 2017 to raise $442.7 million. In an SGX filing, the trust’s manager revealed that 86.2 percent ($381.6 million) of the gross proceeds of the rights issue was used to part finance the remaining purchase price of Ascott Orchard Singapore.
“Such use is in accordance with the stated use and in accordance with the percentage of the gross proceeds of the rights issue allocated to such use.”
It added that the balance of the remaining purchase price was funded by bank borrowings.
(Photo:CapitaLand)
This article was edited by Keshia Faculin.
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