Ascott Residence Trust prices issue of S$150 million perpetual securities

The Felix Hotel in Sydney, acquired by Ascott Residence Trust, to be operated under the Citadines Connect brand. Credit: Ascott Residence TrustThe Felix Hotel in Sydney, acquired by Ascott Residence Trust, to be operated under the Citadines Connect brand. Credit: Ascott Residence Trust

Ascott Residence Trust priced an issue of S$150 million in fixed-rate perpetual securities at 3.88 percent, the trust’s manager said in a filing to SGX Monday.

The net proceeds will be used for general corporate purposes, including redeeming the REIT’s S$150 million 5.00 percent perpetual securities, Ascott Residence Trust said.

The securities will be issued in denominations of S$250,000, the filing said.

The first reset date for the distribution will be 4 September 2024, with subsequent resets every five years, the filing said.

Fitch assigned Ascott REIT a BBB senior unsecured credit rating in 2017 and affirmed it this month, but the securities will be unrated, the filing said.

OCBC has been appointed as the sole lead manager and bookrunner for the offering, the filing said.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.

 Or you can contribute via PayPal: 


Supporter options