Ascott not planning Malaysian REIT

The Ascott, the world’s largest serviced residence owner-operator, has no plans to list a real estate investment trust (REIT) in Malaysia, the company said yesterday, clarifying a news report published this week.

The New Straits Times, citing Ascott regional general manager for Singapore and Malaysia, Mr Tan Boon Khai, had reported on Wednesday that Ascott might group its assets in Malaysia and float them on the local bourse.

The company said in an email statement yesterday: “We would like to clarify that The Ascott is not looking at listing a REIT in Malaysia.”

Ascott currently has a worldwide real estate investment trust, Ascott Residence Trust (Ascott Reit), listed on the Singapore Exchange, with properties in 23 cities across 12 countries, the company said.

“Ascott Reit has the right of first refusal to acquire Ascott’s operating serviced residences in Pan-Asia and Europe and this includes our operating serviced residences in Malaysia,” the company added.

In Singapore, Ascott Reit units fell 0.5 per cent yesterday to 98.5 Singapore cents each, while shares in Ascott parent CapitaLand rose 0.4 per cent to S$2.29. The benchmark Straits Times Index gained 0.4 per cent in holiday-thinned trade.

Source : Today – 24 Dec 2011

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