Ascott REIT completes acquisition of Singapore property

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Ascott Residence Trust (Ascott REIT) announced on 10 October that it has completed the acquisition of Ascott Orchard Singapore.

The property was acquired from CH Commercial Pte Ltd, and CH Residential Pte Ltd for an aggregate purchase consideration of SGD405.0 million.

The acquisition of Ascott Orchard Singapore was approved earlier at an extraordinary general meeting of Ascott REIT held on 27 July 2012.

The 20-storey property features 17,333 square metres of gross floor area, and is expected to bear an EBITDA yield of 4.5% based on Ascott REIT’s circular to unitholders dated 9 July 2012.

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About Author

Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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