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Ascott Residence Trust Secures Third Student Accommodation Asset In USA For US$70 Million
Expands longer-stay portfolio to about 11% to build income resilience
By: CapitaLand Limited
Ms Beh Siew Kim, Chief Executive Officer of Ascott Residence Trust Management Limited and Ascott Business Trust Management Pte. Ltd. (the Managers of ART) said: "The acquisition of our third student accommodation asset is in line with ART's strategy to acquire assets with longer length of stay and diversify our portfolio from traditional hospitality assets, further increasing ART's resilience and stable income. Leases are typically for a year and Wildwood Lubbock will start contributing income immediately. Despite COVID-19, Wildwood Lubbock is 100% leased for the 2021 Academic Year and there is minimal upcoming private student accommodation supply."
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