Ascott REIT acquires Ascott Orchard Singapore
It was purchased at $405m.
Ascott Residence Trust (Ascott REIT) completed the acquisition of Ascott Orchard Singapore for $405m.
The Ascott Limited's (TAL) affiliates previously bought the property, formerly Somerset Grand Cairnhill, and transformed it to an integrated development which includes Ascott Orchard Singapore.
Ascott REIT paid 64% of the purchase price to vendors on 9 October 2017 and 31% on 10 October 2017. The remaining $381.6m was paid through proceeds from the REIT's recent rights issue.