Ascott Residence Trust acquires 4th US student accommodation

Seven07, located in Illinois, is worth $112.4m.

Ascott Residence Trust (ART) acquired its fourth student accommodation in the US for US$83.25m (approximately $112.4m), it announced in a press statement.

Seven07 is a 548-bed student accommodation located in Champaign, Illinois, and can serve approximately 56,000 undergraduate and graduate students.

It is within walking distance from the University of Illinois Urbana-Champaign.

“ART continues to ramp up our investments in the longer-stay segment to build stable income and the resilience of our portfolio. Seven07 is operational and will start contributing stable income immediately upon acquisition. The student accommodation asset is 100% occupied for AY 2021, with lease terms of about one year. For the AY 2022, Seven07 is about 50% pre-leased with strong rental growth of about 8% over AY 2021,” said Ascott Residence Trust Management Limited CEO Beh Siew Kim in a press statement.

The transaction is expected for completion in mid-November, funded by debt and proceeds from the company’s private placement launched in September.

In total, ART’s four student accommodation assets in the USA will offer 2,756 beds. The company has previously acquired student accommodations in Texas, South Carolina, and Georgia.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.