Ascott Residence Trust (ART) will acquire a freehold student accommodation asset in Champaign, Illinois, US for US$83.25 million ($112.4 million).

The 548-bed asset, named Seven07, is located near the University of Illinois Urbana-Campaign (UIUC), which is home to a population of some 56,000 students.

According to ART, the yield-accretive acquisition is set to increase ART’s pro forma FY2020 ended December distribution per stapled security by approximately 1.2%. 

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