Return to our Home page Search
Click here for the hotel and hospitality news from around the globe Hotel, Travel and Hospitality Articles Videos and in-depth Interviews
Read more now
Read more now
Read more now
Ascott REIT launches US$313M rights to fund Germany and Singapore expansion.
Thursday, 16th March 2017
Source : HVS

Ascott Residence Trust (Ascott REIT) issued a fully underwritten renounceable rights issue on 7 March to raise S$442.7 million (US$313.59 million).

Current Ascott REIT unit holders will have the option of purchasing up to 481.7 million rights units at a ratio of 29 rights units for every 100 units they own.

Proceeds will be used to partly fund the acquisition of its first property in Frankfurt (Citadines City Centre Frankfurt) and its second in Hamburg (Citadines Michel Hamburg) from The Ascott Limited for €65.4 million (US$69.2 million).

Additionally, S$381.6 million from the equity fund raising will be used to pay for the acquisition of Ascott Orchard Singapore, which is expected to be completed by Q3-2017. Ascott REIT expects yields of up to 4.5 per cent for this acquisition and 5.4 per cent for the German properties.

Once the acquisitions are completed, Ascott REIT will comprise more than 90 properties across 14 countries, expanding its asset size to S$5.3 billion and strengthening its position as the largest hospitality REIT in Singapore. Market capitalization will also grow to S$2.4 billion, increasing trading liquidity. 

Visit Unplugged Collection
 Latest News  (Click title to read article)

 Latest Articles  (Click title to read)

 Most Read Articles  (Click title to read)

~ Important Notice ~
Articles appearing on 4Hoteliers contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.

© Copyright 4Hoteliers 2001-2017 ~ unless stated otherwise, all rights reserved.
You can read more about 4Hoteliers and our company here

Use of this web site is subject to our
terms & conditions of service and privacy policy