Ascott Residence Trust (Ascott REIT) and Ascendas Hospitality Trust (A-HTRUST) has announced a merger that will create the largest hospitality trust in the Asia-Pacific region.

The combined trust will also be the eighth largest globally, with an asset value of SGD7.6 billion.

It will have portfolio of 88 properties with more than 16,000 keys in 39 cities, and 15 countries across Asia Pacific, Europe and North America.

The merger will also see Ascott REIT taking on a stapled security structure, with each security consisting of one unit in Ascott REIT, and one unit in the resulting business trust respectively.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.