Ascott Residence Trust (SGX:HMN) entered into Sale and Purchase Agreement to acquire The Philly Property, The Wilmington Property and The Kent Property for approximately $150 million on December 27, 2021. Ascott Residence Trust will pay $65.5 million for The Philly Property, $54 million for The Wilmington Property and $29.5 million for The Kent Property. In the related transactions Ascott agreed to acquire The Raleigh Property for $64 million. The transaction is subject to all of Vendors representations and warranties set forth in the respective Sale and Purchase Agreements shall be true and correct in all material respects as of the Completion Date. Concurrent completion on the Raleigh Property, Wilmington Property and Philly Property and (vi) In addition, for the Kent Property: (a) the ground lease estoppel and waiver of right of first offer, duly executed by the ground lease landlord, shall have been delivered; and (b) completion on the Philly Property, Wilmington Property and Raleigh Property having taken place. The Managers propose to fund the aggregate costs of the Acquisition with a combination of debt and the remaining proceeds from the private placement of 152,594,100 new stapled securities in ART which raised gross proceeds of SGD150.0 million ($110.5 million). The transaction is expected to close in February 2022. AS of December 30, 2021, acquisition of the Philly Property, Wilmington Property has been completed.