Ascott Reit acquires Malaysia, China serviced residences for S$173.9m

Ascott Residence Trust, also known as Ascott Reit, announced on Monday (July 7) that it has entered into conditional agreements to acquire its first serviced residence in Kuala Lumpur, Malaysia, as well as properties in Wuhan and Xi’an in China at a total property value of S$173.9 million.

Ascott Reit will acquire the 207-unit Somerset Ampang Kuala Lumpur from The Ascott Ltd for RM175 million (S$67.4 million), it said in a statement on Monday. It will also acquire the 249-unit Citadines Zhuankou Wuhan and the 251-unit Citadines Gaoxin Xi’an for 252 million yuan (S$51.4 million) and 270 million yuan (S$55.1 million), respectively, from Ascott Serviced Residence (China) Fund, in which Ascott holds a 36.1 per cent stake.

The three serviced residences will continue to be managed by Ascott.

Ascott Reit’s international portfolio comprises 83 properties across 12 countries in the Asia-Pacific and Europe.

Source : Channel NewsAsia – 7 Jul 2014

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