SINGAPORE (Apr 12): UOB KayHian is raising Ascott Residence Trust (ART) to “buy” with $1.46 target price given it has been disciplined when it comes to recycling capital.
Ascott Residence Trust (ART) invests in income-producing assets used as serviced residences, rental housing and other hospitality assets.
In Jan, it sold premier serviced residence Ascott Raffles Place at $353 million which represents an attractive exit yield of 2% and a divestment gain of $134 million.
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