Ascott Residence Trust sets acquisition sights on Asia, Europe

It will continue to hunt for yield accretive bargains in both continents.

Sharing its business propsects to CIMB in a presentation shared with the Singapore Exchange, ART said that it will "continue to focus on yield accretive acquisitions in countries where we operate," which will push the trust to "explore opportunities in Asia as well as London, Paris and key cities in Germany."

ART acknowledged how global economic conditions will remain uncertain for the rest of 2012, and said strengthening its presence in Asia as well as Europe will be a key cornerstone of its strategy. It expressed confidence that operating performance for FY2012 "is expected to remain profitable."

The Group has so far been aggressively purchasing assets in Asia, including Ascott Raffles Place Singapore, Ascott Guangzhou and New Cairnhill Serviced Residence.

ART also said it plans to continue to actively manage assets through "periodic upgrading, refurbishment and reconfiguration of properties to increase the returns of the Group’s portfolio." It noted how Citadines Prestige Trafalgar Square was well received by the public following the completion of rebranding and renovation in first quarter 2012. It plans to commence renovation works in Ascott Jakarta in phases from July 2012.