Ascott REIT's Sheraton Tribeca New York Hotel. (Photo: Sheraton Tribeca New York Hotel)

Singapore-listed hospitality REIT, Ascott Residence Trust (Ascott REIT), announced on 23 March that it has completed the issue of 94,787,000 new units.

The units were issued in pursuant to a private placement exercise that was first announced on 14 March. The placement aims to raise no less than SGD100.0 million to partially fund the USD158 million acquisition of Sheraton Tribeca New York Hotel located in Manhattan.

The new units commenced trading on the main board of Singapore Exchange (SGX) at 9.00 a.m. on 23 March. The private placement units rank pari passu in all respects with the existing units in issue on 22 March 2016.

With the issue of 94,787,000 new units, the total number of units in Ascott REIT in issue is now 1,647,101,363.

Units of Ascott REIT last changed hands on the SGX at SGD1.07.

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.