Ascott Residence Trust (ART) will acquire four student accommodation assets in the USA for USD 213.0 million1 (SGD 291.2 million). The four assets have a total of 1,651 beds, serving more than 100,000 students across five universities in three states. The Link University City is located in Pennsylvania, while Latitude on Hillsborough and Uncommon Wilmington are in North Carolina, and Latitude at Kent is in Ohio. The yield-accretive acquisition is set to increase ART's pro forma Fiscal Year 2020 Distribution per Stapled Security by approximately 3.0%3 and the EBITDA4 yield is expected to be about 4.9%. The acquisition is expected to be completed in phases from end-December 2021. The acquisition will be 92% funded by debt and 8% funded by the remaining proceeds from ART's private placement launched in September 2021. With the new acquisition, ART has built a diversified and quality portfolio of eight student accommodation assets with about 4,400 beds in under a year. Seven of the student accommodation assets are operating assets that are contributing stable income while one is under development. ART's student accommodation assets are located across seven states, with each state accounting for less than 23% of total beds, reducing portfolio concentration risk through its diversified geographical presence. They are strategically located predominantly in USA's Sunbelt states, Ivy League and `Power 5' athletics conference markets5. Situated near their respective key educational institutions, the eight student accommodation assets will serve over 250,000 students from reputable universities with large student populations, steady enrolment growth and a strong athletics programme. The seven operating assets are new with an average age of two years, offering students well-designed apartments equipped with best-in-class facilities. The four new student accommodation assets are predominantly freehold. They serve five reputable universities with strong athletics programmes. The universities also have large student populations with a collective student population of more than 100,000 students. The assets are also well-located within walking distance to campus or close to amenities. The four new student accommodation assets will be managed by unrelated third-party operators.