Ascott Residence Trust's DPU rises 0.8%
Thanks to their acquisition of a hotel property in New York.
According to OCBC Investment Research, the full-year distribution per unit of Ascott Residence Trust (ART) has risen by 0.8%.
This is mainly due to ART entering into a conditional sale and purchase agreement to acquire a hotel property in Midtown Manhattan, NY, USA for an aggregate consideration of USD106.0m ($148.4m) or USD473k ($655k) per key at an EBITDA yield of 6.0%.
“Significantly, we note that the property stands to benefit as the nearby US$30b Hudson Yards – the largest private development in US history – opens in stages,” OCBC said.