Ascott acquires Japanese hotel for S$95-m

Ascott Residence Trust (Ascott Reit) has acquired a hotel in Tokyo, Japan at a price of JPY8 billion (approximately S$95.2 million), its second buy in Japan this year, and its sixth acquisition this fiscal, the company said in a statement.

So far this fiscal, Ascott Reit had acquired a rental housing property in Fukuoka, Japan and four serviced residences in Kuala Lumpur, Malaysia as well as Dalian, Wuhan and Xi’an in China.

The accretive acquisition at an EBITDA yield of 4.3% is expected to increase Ascott Reit’s FY 2013 distribution per unit from 8.40 cents to 8.45 cents on a pro forma basis, its company’s statement added.

In addition to its latest acquisition, Ascott Reit currently owns three serviced residences (Citadines Shinjuku Tokyo, Somerset Azabu East Tokyo and Citadines Karasuma-Gojo Kyoto) as well as 31 rental housing properties with 2,284 apartment units across seven major cities in Japan.

 

Ascott Reit to raise $118-m from perpetual securities

Ascott Residence Trust (Ascott Reit) plans to raise S$150 million ($118 million) and it has priced its first perpetual securities at a fixed rate of 5 per cent per annum.

Proceeds from the issuance of the perpetual securities will be used to fund potential acquisitions and for general corporate funding purposes, Ascott Reit said in a statement.

DBS Bank Ltd and J.P. Morgan (S.E.A.) Limited are the joint lead managers and joint bookrunners for the issuance of the perpetual securities.

According to Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, the issuance of perpetual securities was part of Ascott Reit’s capital management strategy to tap diversified funding sources.

“It is an alternative form of equity fund raising for Ascott Reit and will strengthen  our balance sheet. Moreover, it will enhance our financial flexibility to tap  future growth opportunities to optimise returns for Unitholders. The strong demand from investors shows their confidence in Ascott Reit’s growth strategies,” he added.

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.