ASCOTT RESIDENCE TRUST FORAYS INTO THE STUDENT ACCOMMODATION ASSET CLASS WITH FIRST ACQUISITION IN THE USA FOR US$95 MILLION
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(TRAVPR.COM)
SINGAPORE -
January 27th, 2021 - Ascott Residence Trust (ART) will foray into the student accommodation asset class with its first acquisition in the United States of America (USA) for US$95 million (S$126.3 million). The purpose-built student accommodation asset, Signature West Midtown, is a freehold property with 525 beds across 183 units located in the heart of Atlanta, Georgia. The transaction is expected to be completed by end 1Q 2021. In conjunction with the acquisition, ART will expand its investment mandate to include student accommodation. The accretive acquisition will increase the pro forma FY 2020 Distribution per Stapled Security (DPS) by approximately 4.4%.
Ascott Residence Trust (ART) has obtained a S$50 million five year green loan from DBS Bank Ltd (DBS), making ART the first hospitality trust in Singapore to secure a green loan. Proceeds from the green loan will be used to finance ART s maiden development project and coliving property, lyf one-north Singapore.