The manager also announced the launch of a private placement of new stapled securities in ART to raise gross proceeds of approximately $150 million, of which $58.7 million will be used to partially fund the acquisition of Wildwood Lubbock.
Ascott Residence Trust (ART) will acquire a student accommodation asset in Texas, USA for US$70 million ($93.8 million), its manager announced on Sept 9.
Wildwood Lubbock, a freehold property encompassing 1,005 beds, is ART’s third student accommodation investment in the last seven months.
