CLAS boosts Singapore portfolio with $263m lyf Funan acquisition

The acquisition is yield-accretive.

CapitaLand Ascott Trust (CLAS) will acquire lyf Funan Singapore for $263m.

CLAS will acquire the property from Ascott Serviced Residence Global Fund (ASRGF), where the business trust's sponsor, The Ascott Limited, holds a 50% stake.

The acquisition is yield-accretive and expected to boost total distribution by $3.5m, delivering a 1.5% DPS accretion on a pro forma basis for FY 2023.

CLAS plans to fund the $146.4m purchase consideration with proceeds from the divestment of Citadines Mount Sophia Singapore, completed in March 2024.

Once the acquisition is completed, CLAS' Singapore assets will rise to five, boosting the proportion of its total assets in the country from 16% to 19%.

Follow the link for more news on

CapitaLand

Acquisitions

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia