The Private Residence - Serviced Apartment Agency & Advisors » News http://www.theprivateresidence.com Just another WordPress weblog Wed, 01 Sep 2010 19:05:23 +0000 http://wordpress.org/?v=2.9 en hourly 1 Ascott REIT buying 28 serviced residences for S$970m http://www.theprivateresidence.com/2010/09/ascott-reit-buying-28-serviced-residences-for-s970m/ http://www.theprivateresidence.com/2010/09/ascott-reit-buying-28-serviced-residences-for-s970m/#comments Wed, 01 Sep 2010 19:05:23 +0000 admin http://www.theprivateresidence.com/?p=623 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.

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