Ascott REIT

Ascott REIT: OCBC maintains Buy with $1.30 TP. Note that ART has entered into the agreement for the acquisition of a 166-unit serviced residence for a consideration of EUR37.5m ($59.4m). The property (Madison Hamburg) is strategically located at the junction of three prime areas in the city centre of Hamburg, Germany. Madison Hamburg will continue to be managed under a master lease arrangement by a local operator, who has been managing the property since it opened in 1993. The acquisition is not expected to have any material impact on the NTA, EPU or DPU of ART for FY12.