Singapore-listed Hospitality REIT, Ascott Residence Trust (Ascott REIT), has announced gross proceeds of S$150 million through a private placement of 114.9 million new shares at S$1.305 each. The issue price represents a discount of some 4.6% to Monday's closing for Ascottt REIT at S$1.37.

Ascott REIT holds a stable of properties across Asia and Europe, including the serviced residences in Singapore pictured above.

The trust has indicated that the proceeds will be used to fund asset enhancement initiatives, repay existing debt and fund future acquisitions of hospitality properties in the region. Ascott REIT currently holds a stable of hotels and serviced apartments across the Asia and Europe.