CapitaLand acquires student accommodation property in US for $126.3m
The property is located in Atlanta, Georgia.
CapitaLand, through Ascott Residence Trust, has completed the purchase of a student accommodation property at 800 Marietta Street NW in Atlanta, Georgia in United States for $126.3m (US$95m), its first acquisition in the country.
The acquisition was completed on 27 February.
“Student accommodation is one of the most resilient real estate asset classes and has maintained high occupancy during the COVID-19 situation in the United States of America. ART will continue to seek opportunities for quality student accommodation assets in key markets with strong student population growth," said Bob Tan, chairman of Ascott Residence Trust Management Limited (ARTML) and Ascott Business Trust Management Pte. Ltd.
"We will also look at expanding our rental housing portfolio. We remain focused on delivering sustainable value for our Stapled Securityholders,” he added.