This is a follow up of the previous announcement of Acquisitions and Divestment in August 2010.
Key Points
- The Reit has completed (directly or indirectly through the acquisition of shareholding interests) the acquisition of 28 serviced residence properties comprising one in Singapore, one in Vietnam, 17 in France, four in the United Kingdom, two in Belgium, two in Germany and one in Spain.
- The Reit has completed the divestment of its entire interest in Ascott Beijing.
- With the completion of the Transactions:
- Somerset Hoa Binh (S) Pte Ltd, Ascott Netherlands, Citadines Holborn, and their subsidiaries have become subsidiaries of Ascott REIT;
- Hemliner Pte Ltd and its subsidiary have ceased to be subsidiaries of Ascott REIT;
- the principal investment strategy of Ascott REIT has been expanded to include investments primarily in real estate and real estate-related assets which are income-producing and which are used, or predominantly used, as serviced residences or rental housing properties in any country in the world.
- After deducting the proceeds of the Divestment, $458.2 million of the consideration for the Target Acquisitions has been paid to the Vendor Companies with the proceeds from the Private Placement and drawdown of bank facilities. The balance of S$143.0 million will be settled after the completion of the Preferential Offering.
- The entire amount of the proceeds of the Private Placement of approximately $453.2 million has been utilised as follows, as stated in the
Offer Information Statement: - $444.5 million has been utilised to part fund the Target Acquisitions;
- $8.7 million has been utilised for payment of underwriting, expenses and professional and other fees and expenses.
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