Unit holders of Singapore-listed Ascendas Hospitality Trust (A-HTrust) (SGX:Q1P) have given overwhelming approval for the resolution to issue up to 300 million new stapled securities. The new units will be issued with the understanding that it be used to fund the acquisition of Park Hotel Clarke Quay.

The resolution to acquire Park Hotel Clarke Quay for Ascendas Hospitality Trust was passed with 99 percent approval from unit holders. 

The resolution was passed at an Extraordinary General Meeting (EGM) held to seek unit holders approval on the acquisition of Park Hotel Clarke - the Trust's first property in Singapore. On top of the motion to issue new units, the main motion to acquire the property was passed with an almost unanimous approval from unit holders, with 99 percent in favor of it.

Ascendas Hospitality Trust currently has 10 hotel and serviced residences from across Australia, Japan and China in its portfolio. PArk Hotel Clarke Quay will be acquired from current owners Parksing Property Private Limited.

Units of A-HTrust ended the week 3 percent lower on slower than expected Chinese manufacturing data at S$0.94 on the Singapore Exchange.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.