Ascott Residence Trust's manager, Ascott Residence Trust Management Ltd., said the company wrapped up the acquisition of Ascott Orchard Singapore from CH Commercial Pte. Ltd. and CH Residential Pte. Ltd. for a total consideration of S$405.0 million.
The acquisition was approved at an extraordinary general meeting of Ascott Residence Trust held in 2012.
Ascott used S$381.6 million from the proceeds of a rights issuance in March, along with bank borrowings, to partially pay for the purchase. The rest of the approximately S$442.7 million gross proceeds were funneled toward acquisitions in Germany and expenses and fees related to the rights issue.
Ascott-Orchard Singapore was formerly known as Somerset Grand Cairnhill and was transformed into a serviced residence with a hotel license and a high-end residential development by affiliates of The Ascott Ltd.
As of Oct. 9, US$1 was equivalent to S$1.36.