Ascott Residence Trust's Citadines City Centre Frankfurt. (Photo: Ascott Residence Trust)

Ascott Residence Trust (ART) has reset the distribution rate on its SGD250 million fixed rate perpetual securities.

As reported in May 2020, ART decided to forego the first call date the securities amid COVID-19 difficulties.

Related: Facing COVID-19 distress, Ascott REIT skips first call on SGD250 million perps

The perpetual securities were issued by DBS Trustee Limited, in its capacity as trustee of ART.

These yielded a fixed rate of 4.68% per annum.

ART has now reset the distribution rate for the securities to 3.07% per annum.

The rate will apply from 30 June 2020 to the next reset date on 30 June 2025.

By Shariffa Al-Habshee

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