Ascott REIT unveils $173m acquisition of three new serviced residences

Secures first condominium in Malaysia.

Capitaland’s Ascott Residence Trust has entered into conditional agreements to acquire three new serviced residences, which are located in Kuala Lumpur, Malaysia, and Wuhan and Xi’an in China.

The company announced today that the 207-unit Somerset Ampang Kuala Lumpur will be acquired from The Ascott Limited (Ascott) for MYR175 million (S$67.4 million), while the 249-unit Citadines Zhuankou Wuhan and the 251-unit Citadines Gaoxin Xi’an for RMB252 million (S$51.4 million) and RMB270 million (S$55.1 million) respectively from Ascott Serviced Residence (China) Fund, in which Ascott holds a 36.1% stake.

““This is Ascott Reit’s first acquisition of a serviced residence in Malaysia, which has a stable and growing economy. The acquisition of the two properties in Wuhan and Xi’an will further expand our presence in China,” noted Ascott Residence Trust Management Limited’s (ARTML) Chairman Lim Jit Poh.

Here’s more from Ascott:

Somerset Ampang Kuala Lumpur has a prime location close to the capital’s Golden Triangle – a major business, shopping and entertainment hub marked by Jalan Ampang, Jalan Sultan Ismail and Jalan Tun Razak

Citadines Zhuankou Wuhan is strategically located within the Wuhan Economic and Development Zone. It is a short walk to major commercial developments and offices such as the Xianglong Times Business Centre and Dongfeng Peugeot Citroen Automobile Company’s headquarters

Citadines Gaoxin Xi’an is situated in the heart of the Hi-Tech Industries Development Zone and enjoys close proximity to commercial developments such as Pioneer Square, Hi-Tech International Business Centre, Gao Ke Plaza and Sea Star Square. A variety of retail, dining and entertainment facilities are available at the Golden Eagle and Ginwa shopping malls which are a short walk away.