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Stocks to watch: Ascott Reit, CIT

Thursday, October 23, 2014 - 08:26

ASCOTT Reit: Ascott Residence Trust (Ascott Reit) will acquire three operating serviced residences in Greater Sydney from Quest Serviced Apartments for A$83.0 million (about S$93.0 million). These are Ascott Reit's maiden acquisitions in New South Wales. Separately, CapitaLand's serviced apartments unit plans to invest up to A$500 million (S$560 million) to acquire new properties that Quest will secure for its franchise in Australia over the next five years. In addition, Ascott has signed an agreement to acquire a 20 per cent stake in Quest for A$28.8 million (S$32.3 million). Under this agreement, Ascott has the option to raise its stake in Quest to 30 per cent.

CIT: The distribution per unit (DPU) for Cambridge Industrial Trust (CIT) in the third quarter ended September dipped 0.1 per cent from 1.251 Singapore cents to 1.25 Singapore cents, even as its distributable income rose 2.5 per cent from S$15.4 million to S$15.8 million.

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