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CLAS boosts Singapore portfolio with $263m lyf Funan acquisition
The acquisition is yield-accretive.
CapitaLand Ascott Trust (CLAS) will acquire lyf Funan Singapore for $263m.
CLAS will acquire the property from Ascott Serviced Residence Global Fund (ASRGF), where the business trust's sponsor, The Ascott Limited, holds a 50% stake.
The acquisition is yield-accretive and expected to boost total distribution by $3.5m, delivering a 1.5% DPS accretion on a pro forma basis for FY 2023.
CLAS plans to fund the $146.4m purchase consideration with proceeds from the divestment of Citadines Mount Sophia Singapore, completed in March 2024.
Once the acquisition is completed, CLAS' Singapore assets will rise to five, boosting the proportion of its total assets in the country from 16% to 19%.
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