Ascott REIT has a new subsidiary in The Netherlands

Ascott Baumwall (Hamburg) BV has an issued and paid-up share capital of approximately S$1.6m.

Ascott Residence Trust Management Limited, as manager of Ascott Residence Trust, announced that DBS Trustee Limited, as trustee of Ascott REIT, has established the wholly-owned subsidiary as part of its ongoing business development.

The establishment of the investment holding and property company is not expected to have any material impact on the net tangible assets or earnings per unit of Ascott REIT for the financial year ending 31 December 2012.

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