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Ascott Residence Trust buys Texas student accommodation for US$70 mil; launches private placement to raise $150 mil

Atiqah Mokhtar
Atiqah Mokhtar9/9/2021 8:9 AM GMT+08  • 3 min read
Ascott Residence Trust buys Texas student accommodation for US$70 mil; launches private placement to raise $150 mil
The acquisition represents ART's third student accommodation investment within a span of seven months.
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Ascott Residence Trust (ART) will acquire a student accommodation asset in Texas, USA for US$70 million ($93.8 million), its manager announced on Sept 9.

Wildwood Lubbock, a freehold property encompassing 1,005 beds, is ART’s third student accommodation investment in the last seven months.

The manager also announced the launch of a private placement of new stapled securities in ART to raise gross proceeds of approximately $150 million, of which $58.7 million will be used to partially fund the acquisition of Wildwood Lubbock.

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