Ascott Residence Trust is acquiring 18 rental housing properties, comprising over 500 units, in Tokyo for S$160 million. The properties have an average age of 18 months and a lettable area of 13,000 square metres.
The acquisition will increase the value of Ascott's portfolio to S$1.3 billion.
The assets in Japan will account for 21 per cent of the value, up from 11 per cent before the acquisition.
Ascott will fund the acquisition with borrowings, raising its gearing to 37 per cent. - CNA/ac
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