Monday, 14 March 2016

Ascott Residence Trust - CIMB Research 2016-03-14: Bulking up in the US

Ascott Residence Trust - CIMB Research 2016-03-14: Bulking up in the US ASCOTT RESIDENCE TRUST A68U.SI 

Ascott Residence Trust - Bulking up in the US 

  • ART announced its second acquisition in the US today - the Sheraton Tribeca New York Hotel - for US$158m or S$218m (US$428,000/key). 
  • Acquisition is accretive by all counts. Property acquired at > 6.8% NPI yield. 
  • Acquisition to be financed via US onshore debt of c.US$100m and private placement, launched concurrently with the acquisition. 
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