Singapore-listed hospitality REIT, Ascott Residence Trust (SGX:A68U), announced on 30 September that it has completed the divestment of six rental housing properties in Japan for JPY4,475 million (SGD52.6 million).

The properties were disposed via its wholly-owned subsidiary, ARC-CapitaLand Three Tokutei Mokuteki Kaisha and sold to Japanese real estate firm Samty Co. Ltd. The divestment was first announced on 3 September 2015.

Ascott Residence Trust has described the disposal as being in line with the REIT’s strategy of unlocking properties with limited growth and re-deploying proceeds in higher yielding assets.

Units of the REIT last changed hands on the Singapore Exchange at SGD1.23.