Singapore, Singapore, December 31, 2021 –(PR.com)– Ascott Residence Trust (ART) will acquire four student accommodation assets in the USA for US$213.0 million (S$291.2 million). The four assets have a total of 1,651 beds, serving more than 100,000 students across five universities in three states. The Link University City is located in Pennsylvania, while Latitude on Hillsborough and Uncommon Wilmington are in North Carolina, and Latitude at Kent is in Ohio.

The yield-accretive acquisition is set to increase ART’s pro forma FY 2020 Distribution per Stapled Security by approximately 3.0% and the EBITDA yield is expected to be about 4.9%. The acquisition is expected to be completed in phases from end-December 2021. The acquisition will be 92% funded by debt and 8% funded by the remaining proceeds from ART’s private placement launched in September 2021.

With the new acquisition, ART has built a diversified and quality portfolio of…