Here's proof that Ascott Residence Trust is on the prowl for overseas aquisitions

Check out its target countries.

According to CIMB, growth in 2013 was largely acquisition-led and we expect the same for 2014.

Here's more:

Properties worth a total of S$287m in China and Japan were acquired in 2013 at 5.4% annual EBITDA yield. These properties will make their first full-year contribution in 2014 and should continue to generate revenue growth. Given the rights issue and management’s guidance, we expect 2014 growth to be underpinned by acquisitions as well.

The first acquisition should happen in the next three months and is likely to be located in China, Japan, Malaysia and Australia.

ART carried out about S$27m in refurbishments on selected properties in 2013, which contributed to lower gross profits in countries such as Australia on a same-store basis. Refurbishments for 2014 are likely to be about S$50m, largely targeting Vietnam, China Tianjin and Indonesia.

Despite the larger scale of asset enhancement initiatives (AEIs), we expect the disruption to gross profit to be mitigated as properties in Vietnam and China Tianjin are facing weaker demand.

With several AEIs set to complete in 1Q2014, we expect same-store growth in refurbished properties to improve in 2014.