Ascott and Ascott Residence Trust jointly invest and develop student accommodation property in South

The first of a pipeline of student accommodation assets under Ascott's partnership with a leading student housing developer to accelerate growth in the USA
By: CapitaLand Limited
SINGAPORE - June 16, 2021 - PRLog -- CapitaLand's wholly owned lodging business unit, The Ascott Limited (Ascott) and its hospitality trust, Ascott Residence Trust (ART), will jointly invest and develop a freehold student accommodation asset located in South Carolina, USA for an expected total amount of US$109.9 million (S$146.2 million). The 678-bed student accommodation will serve over 35,000 undergraduate and graduate students from the nearby University of South Carolina (USC). Construction of the student accommodation asset is scheduled to start in 3Q 2021 and complete in 2Q 2023.

At the initial stage, Ascott and ART will jointly invest in the asset to own 45% stake each. A third-party partner, which is a joint venture between one of the largest student housing developers in the USA and a large national real estate developer and contractor based in the USA, will own the remaining 10% stake for alignment of interest. When the property's performance stabilises, Ascott and ART will acquire the remaining share from the third-party partner. Ascott has separately formed a partnership with the student housing developer to invest and develop more student accommodation properties in the USA. These properties could become a potential pipeline for ART from its sponsor.

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Debra Chan
Location:Singapore - Singapore - Singapore
Subject:Joint Ventures
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