Ascott Reit to raise S$442.7m to buy three properties
Singapore
ASCOTT Residence Trust (Ascott Reit) has launched a fully underwritten renounceable rights issue to raise S$442.7 million, which will be used to buy two properties in Germany and one property in Singapore.
Announcing this in a press statement last evening, Ascott Reit said the funds will be used partly to buy two properties in Germany from The Ascott Limited (Ascott) for 65.4 million euros (S$97.2 million), while the remaining S$381.6 million will be used to buy Ascott Orchard Singapore.
The acquisitions of the two operating serviced residences, Citadines City Centre Frankfurt and Citadines Michel Hamburg, are accretive at an Ebitda (earnings before interest, taxes, depreciation and amortisation) yield of 5.4 per cent.…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Sanofi Q1 profit slips on generic competition, forex effects
Toyota hits record annual output, sales on robust demand
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
Nissan, Mazda roll out new models for China as they aim for comeback