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Ascott Residence, Ascendas Hospitality proposed merger gets 99% approval votes

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Ascott Residence, Ascendas Hospitality proposed merger gets 99% approval votes

Ascott Residence Trust and Ascendas Hospitality Trust's proposed merger received more than 99% of approval votes from unitholders.

The combination of the two CapitaLand Group-member companies is expected to create the largest hospitality trust in Asia-Pacific with an asset value of S$7.6 billion, and a portfolio comprising of 88 properties with more than 16,000 units across 39 cities in 15 countries. It will retain the name Ascott Residence Trust.

Ascott will secure all of Ascendas Hospitality Trust's stapled units for a consideration of S$1.0868 per stapled unit under a trust scheme of agreement.

The voting took place at the companies' respective extraordinary general and scheme meetings at Raffles City Convention Center Singapore.

As of Oct. 21, US$1 is equivalent to S$1.36.