The acquisition is expected to cost CLAS a total of $265.1 million, which includes the purchase consideration of $146.4 million, loan repayment of $113 million and $5.7 million fees. This will largely be funded by the proceeds from the divestment of Citadines Mount Sophia Singapore, which was completed in March. It will also be financed with debt while the acquisition fee will be paid with CLAS’s stapled securities.
CapitaLand Ascott Trust has agreed to acquire the 329-room lyf Funan Singapore from Ascott Serviced Residence Global Fund (ASRGF) for an agreed property value of $263 million. The hotel is independently valued at $265 million by SG&R Singapore and $271 million by Colliers Singapore.
CLAS's sponsor, The Ascott Limited, holds a 50% stake in ASRGF. The other 50% is held by the Qatar Investment Authority.
