Ascott Residence Trust's student accommodation in South Carolina. (Ascott Residence Trust)

Ascott Residence Trust (ART) and The Ascott Limited (Ascott) are jointly investing and developing a 678-bed freehold student accommodation in South Carolina, USA.

The expected total consideration for the project is USD109.9 million, and the property is expected to serve students from the nearby University of South Carolina.

At the initial stage, Ascott and ART will jointly invest in the asset to own a 45% stake each.

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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.