Ascott Reit to raise S$442.7m to buy three properties
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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.
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