SINGAPORE : Ascott Residence Trust (Ascott REIT) is acquiring 28 serviced residences from its parent company, The Ascott, for S$969.6 million.

With the acquisition, the real estate investment trust said its assets will double to about S$2.85 billion. Meanwhile, The Ascott will use the proceeds from the sales to fund further investments in Europe, China and Southeast Asia.

Ascott REIT will become the sixth largest REIT in Singapore in terms of assets after its acquisition of the 28 serviced properties from The Ascott. The acquisition will boost its portfolio of properties to 65 spanning across 23 cities worldwide.

Among the properties it is acquiring, 26 are in Europe, including 14 serviced residences in London and Paris.