Ascott Residence Trust (ART) has acquired four rental housing properties and its first student accommodation property in Japan for about JPY10.4bn (€79m).
The listed serviced apartment management company, part of CapitaLand group, has been broadening its business base, and, since the beginning of 2021, has invested about S$905m (€607.6m) in longer-stay.
Three of the rental housing properties are located in Central Osaka while one rental housing property is located in Fukuoka. The student accommodation property in Osaka serves the main campus of Kindai University.
Beh Siew Kim, CEO of Ascott Residence Trust Management and Ascott Business Trust Management, said: “Our first student accommodation property in Japan adds to our quality portfolio of eight student accommodation properties in the USA.
“ART continues to build up our longer-stay portfolio to boost income stability. Acquisition of the five freehold rental housing and student accommodation properties will increase ART’s longer-stay properties to 17% of its total portfolio value.”
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