Ascott Res Trust

Ascott Res Trust: To acq 60% interest in a freehold property in Shinjuku, Tokyo from Mitsubishi Real Estate and Citadines Shinjuku Ippan Shadan Hojin for JPY2.7b ($45.7m). The property is a 12-storey building with 1 basement and comprises 160 apt units with site area of approx 901 sqm and GFA 6.2k sqm. The property was valued at JPY5.8b ($98.1m), and a 60% stake would be approx $58.9m. Capitaland holds the remaining 40%. While co has said that acquisition is expected to be yield accretive at implied yield of 4.5%, co’s current est gross yield is at 9.1% by analysts’ consensus.