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Ascott Residence completes acquisition of Ascendas Hospitality

Ascott Residence Trust completed the acquisition of Ascendas Hospitality Trust, the companies said in a release Dec. 31, 2019.

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

Trading of the post-combination units of Ascott Residence Trust will commence Jan. 2, while Ascendas Hospitality will be delisted from the Singapore Stock Exchange on Jan. 3.

As of Jan. 1, US$1 was equivalent to S$1.35.