Ascott to see better share of stable income after latest purchases

Singapore

MAINBOARD-LISTED CapitaLand's wholly owned serviced residence business unit Ascott Reit says its proportion of stable income will rise from 40 per cent as at end-December 2016 to 46 per cent after the completion of its rights issue, acquisition of Ascott Orchard Singapore (AOS) and purchases in Germany.

This comes as its operations under master leases are to grow from 27 per cent of gross profit as at end-December 2016 to 34 per cent following the acquisitions, said Ronald Tay, chief executive of Ascott Residence Trust Management in a briefing on Tuesday.