CapitaLand Ascott Trust gains full ownership of Standard at Columbia
It acquired the remaining 10% stake in the property.
CapitaLand Ascott Trust (CLAS) acquired the remaining 10% stake in Standard at Columbia, gaining full ownership of the freehold student accommodation property in South Carolina.
The REIT funded the acquisition with proceeds from its earlier divestments. CLAS acquired the 678-bed accommodation in phases over three years.
CLAS expects an EBITDA yield of 7% on the total development cost.
“This is higher than the 6.2% EBITDA yield that was projected in 2021 on the basis that the property has achieved stable performance,” the REIT said.
Standard at Columbia is the largest university in South Carolina, with an occupancy rate of over 90%.
The pre-leasing occupancy rate for AY 2024-2025 has reached 99% by the end of May, showing a rental growth of around 4% compared to the 2023-2024 academic year.
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