You are here

Ascott Business Trust established, following proposed combination of Ascott Residence Trust and Ascendas Hospitality Trust

ASCOTT Reit Manager announced the establishment of Ascott Business Trust (Ascott BT), in a filing to the Singapore Exchange late on Monday.

This follows an earlier announcement in July on the proposed combination of Ascott Residence Trust and Ascendas Hospitality Trust (A-HTRUST) by way of a trust scheme of arrangement for an aggregate consideration of S$1.0868 for each A-HTRUST stapled unit, comprising S$0.0543 in cash and 0.7942 Ascott Reit-BT stapled units.

The Singapore Exchange on Monday has given its approval for the listing and quotation of 2.18 billion new Ascott Reit-BT stapled units, which will be issued to existing Ascott Reit unitholders; up to 906 million new Ascott Reit-BT stapled units, which will be issued as part consideration for the combination; and new Ascott Reit-BT stapled units which may be issued to the Ascott Reit manager and the Ascott BT trustee-manager from time to time following the general mandate for issuance of new Ascott Reit-BT stapled units, in full or part payment of fees payable to the Ascott Reit-BT managers.