Ascott Residence Trust (SGX:HMN) entered into a conditional sale and purchased agreement to acquire a Student Accommodation Property in Atlanta, Georgia from Atlanta Student LL, LLC for $95 million on January 27, 2021. The purchase consideration of $95 million will be fully satisfied in cash, 1% of the consideration was paid on execution of the agreement and the remainder of the consideration, which is subject to adjustments as at completion of the acquisition, will be paid on the date of completion. The estimated total costs of the acquisition are approximately $2.85 million. The transaction will be financed with debt financing and divestment proceeds. The transaction is subject to customary conditions including the Chicago Title Insurance Company or another reputable title company shall have irrevocably committed to issue an owner’s policy of title insurance containing no exceptions other than matters in the title documents that are not objected to by Ascott Residence Trust. The transaction is expected to be completed by the end of the first quarter of 2021. The acquisition is expected to contribute additional annual EBITDA of $4.9 million and increase distributable income by SGD 4.2 million (approximately $3.17 million) for the financial year ended December 31, 2020 translating to an increase in pro forma distribution per stapled security of approximately 4.4%. Colliers International acted as independent property valuer to Ascott Residence Trust.