The five properties, to be acquired from two different sellers, are expected to be completed between 1Q 2022 and 2Q 2023.
With these latest acquisitions, ART has invested about $905 million in longer-stay properties since January 2021, and increase its longer-stay properties to 17% of its total portfolio value.
ART has a medium term target to increase this proportion to 25-30%.
According to Beh Siew Kim, CEO of Ascott Residence Trust Management and Ascott Business Trust Management, ART’s longer-stay properties are expected to contribute 17% to its gross profit, up from 15% in FY 2021.
See also: Stoneweg: New sponsor, new chapter
“The addition of four more rental housing properties will boost the overall resilience of our portfolio,” she adds.
With the five acquisitions, ART has a total of 2,500 units across 19 rental housing and student accommodation properties in Japan.
Photo: ART
