Ascott REIT's property in Singapore, Ascott Raffles Place. (Photo: REITsWeek)Ascott REIT's property in Singapore, Ascott Raffles Place. (Photo: REITsWeek)

Singapore-listed hospitality REIT, Ascott Residence Trust (Ascott REIT) (SGX:A68U) announced on 21 December that it has purchased 225,000 shares of Indonesian property developer PT Bumi Perkasa Andhika.

The shares were purchased through its wholly-owned subsidiary Javana Pte Ltd which already holds 99% of PT Bumi Perkasa Andhika’s issued share capital.

The 225,000 shares represent the remaining 1% of the company’s issued shares and were purchased from an unnamed Indonesian individual. With the purchase, PT Bumi Perkasa Andhika is now a wholly-owned subsidiary of Ascott REIT.

“The acquisition is not expected to have any material impact on the net tangible assets or earnings per unit of Ascott REIT for the financial year ending 31 December 2015”, said the REIT in its announcement.

Units of Ascott REIT closed the trading day about 0.8% lower from its previous finish on the Singapore Exchange to finish at SGD1.15.

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.