trending Market Intelligence /marketintelligence/en/news-insights/trending/IMDsHy6Jyxs6zJ6E1y6pag2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Ascott Residence closes S$405M acquisition of Singapore integrated development

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Ascott Residence closes S$405M acquisition of Singapore integrated development

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.