COMMERCIAL PROPERTY | Staff Reporter, Singapore

Ascott REIT acquires Ascott Orchard Singapore

It was purchased at $405m.

Ascott Residence Trust (Ascott REIT) completed the acquisition of Ascott Orchard Singapore for $405m.

The Ascott Limited's (TAL) affiliates previously bought the property, formerly Somerset Grand Cairnhill, and transformed it to an integrated development which includes Ascott Orchard Singapore.

Ascott REIT paid 64% of the purchase price to vendors on 9 October 2017 and 31% on 10 October 2017. The remaining $381.6m was paid through proceeds from the REIT's recent rights issue.

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