Ascott Residence Trust entered into a conditional sale and purchase agreement to acquire Property in Champaign, Illinois 61820, U.S. for $83.3 million.

Ascott Residence Trust (SGX:HMN) entered into a conditional sale and purchase agreement to acquire Property in Champaign, Illinois 61820, U.S. for $83.3 million on November 1, 2021. The consideration is fully satisfied in cash. Based on the independent valuation dated 29 October 2021 by Colliers International Valuation and Advisory Services LLC, commissioned by DBS Trustee Limited, in its capacity as trustee of Ascott Reit, the Property is valued at $86.4 million (equivalent to approximately S$116.6 million) using the income, sales comparison and cost methods.

2.0% of the Purchase Consideration will be paid within 2 days from execution of the Sale and Purchase Agreement and the remainder of the Purchase Consideration, subject to adjustments, will be paid on completion of the Acquisition (“Completion”). Completion is subject to and conditional upon, the fulfilment of the conditions precedent in the Sale and Purchase Agreement and is expected to take place in around mid-November 2021.