Ascott REIT's acquisition in Shinjuku, Tokyo will be converted and rebranded into a Citadines-branded serviced residence.Ascott REIT's acquisition in Shinjuku, Tokyo will be converted and rebranded into a Citadines-branded serviced residence.

State-affiliated financial institution, DBS Bank Limited, has disposed of 0.5 million units of Singapore-listed hospitality REIT Ascott Residence Trust (Ascott REIT) (SGX:A68U).

The matter was revealed in a filing dated 5 March with Singapore Exchange by Singapore state fund manager Temasek Holdings. DBS is an independently managed portfolio company of Temasek.

The transaction was executed on the 26 February via a market transaction and netted DBS an aggregate SGD635,000, translating to about SGD1.27 per unit disposed.

Units of Ascott REIT are currently listed on the Singapore Exchange at SGD1.28.

Ascott REIT's acquisition in Shinjuku, Tokyo will be converted and rebranded into a Citadines-branded serviced residence.
Ascott REIT's acquisition in Shinjuku, Tokyo will be converted and rebranded into a Citadines-branded serviced residence.

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.