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Ascott Residence Trust acquires three rental housing properties in Japan for $85 mil

Atiqah Mokhtar
Atiqah Mokhtar6/1/2021 7:39 AM GMT+08  • 3 min read
Ascott Residence Trust acquires three rental housing properties in Japan for $85 mil
The acquisition will be funded by debt and part of the net proceeds from ART's divestment of Somerset Xu Hu Shanghai..
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Ascott Residence Trust (ART) is acquiring three freehold rental housing properties in central Sapporo for JPY6.78 billion ($85.2 million).

The properties comprise a total of 411 units and will increase ART’s portfolio in Japan to over 4,500 units in 22 serviced residences, hotels and rental housing properties across nine cities. Post-completion, ART will have 14 rental housing properties in Japan, including four in Sapporo.

The three rental housing properties – City Court Kita 1 jo, Big Palace Minami 5 jo, and Alpha Square Kita 15 jo – are from unrelated third parties. The average EBITDA yield of the three acquisitions is approximately 4%.

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