The nine properties consist of serviced residences, rental housing and student accommodation space. They will altogether add another 1,018 rooms to the more than 18,000 operating units ART now has across its whole portfolio.
Analysts have maintained their call on Ascott Residence Trust following its plans to acquire nine properties for $318.3 million, which will be partly funded by a private placement.
The acquisition, which will be accretive at 2.8%, will help give ART a bigger proportion of assets in the so-called “long-stay” segment, deemed to provide better income stability versus short-term stays that took a big hit during the pandemic.
