Business briefing

Ascott Reit to acquire 1st Dalian serviced residence

ASCOTT Residence Trust (Ascott Reit) has entered into a conditional agreement with Winner Sight Investments to acquire its first serviced residence in Dalian for 571 million yuan (S$118.6 million) at an Ebitda yield of 5.5 per cent. On a pro forma basis, the accretive acquisition is expected to increase FY 2013 distribution per unit by 1.5 per cent from 8.40 cents to 8.53 cents.

K1 Ventures to sell stake in a transport leasing business