S$153m more in Ascott Residence Trust acquisitions expected in 1H14

With a 5.5% EBITDA yield.

Following the announcements by Ascott Residence Trust (ART) of its planned acquisitions in Fukuoka, Japan and Dalian, China, the trust will likely that any remaining acquisition or acquisitions to be announced in 1H14 will total S$153m with a 5.5% EBITDA yield, according to OCBC Investment Research.

This follows OCBC's assumptions that that around S$350m worth of property yielding ~5.5% will be acquired at the start of 2Q14, and that ART’s leverage will go back up to around 40%.

Combined, the Fukuoka and Dalian properties total $197m.

ART has acquired a rental housing property in Fukuoka named Infini Garden for JPY6.3b (~S$78.4m) and with an EBITDA yield of 6.6%. While earlier in February, ART entered into a conditional agreement with a third party to acquire its first serviced residence in Dalian for RMB571m (~S$118.6m) with an EBITDA yield of 5.5%.

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