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Ascott Residence Trust Secures Third Student Accommodation Asset With Acquisition In Usa For Us$70 Million

September 9, 2021


Ascott Residence Trust (ART) will acquire a freehold 1,005-bed student accommodation asset in Texas, USA for US$70.0 million[1] (S$93.8 million[2]), its third student accommodation investment within a span of seven months. One of the newest student accommodation in the area, Wildwood Lubbock is a cottage-style property which serves over 40,000 undergraduate and graduate students from Texas Tech University (TTU). The accretive acquisition will increase ART’s pro forma FY 2020 Distribution per Stapled Security by approximately 1.5%[3]. The EBITDA[4] yield is expected to be 5.1%. The transaction will be completed on 21 September 2021.

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