Asset Acquisitions and Disposals::Acquisition of Student Accommodation Property in Texas

ASCOTT RESIDENCE TRUST

A stapled group comprising:

Ascott Real Estate Investment Trust	Ascott Business Trust
(A real estate investment trust constituted on 19	(A business trust constituted on 9 September 2019
January 2006 under the laws of the Republic of	under the laws of the Republic of Singapore)
Singapore)
Managed by	Managed by
Ascott Residence Trust Management Limited	Ascott Business Trust Management Pte. Ltd.
(Company Registration No. 200516209Z)	(Company Registration No. 201925299R)

ANNOUNCEMENT

ACQUISITION OF STUDENT ACCOMMODATION PROPERTY IN TEXAS

Ascott Residence Trust Management Limited, as manager of Ascott Real Estate Investment Trust ("Ascott Reit"), and Ascott Business Trust Management Pte Ltd, as trustee-manager of Ascott Business Trust, (collectively the "Managers"), refer to the announcement dated 9 September 2021 where the Managers announced that Ascott Reit, through a wholly owned subsidiary, had entered into a conditional sale and purchase agreement to acquire a student accommodation property located at 1701 N. Quaker Avenue, Lubbock, Texas, 79416 U.S. (the "Acquisition").

The Managers are pleased to announce that the Acquisition has been completed.

By Order of the Board

ASCOTT RESIDENCE TRUST MANAGEMENT LIMITED

(Company Registration No. 200516209Z)

As manager of Ascott Real Estate Investment Trust

ASCOTT BUSINESS TRUST MANAGEMENT PTE. LTD.

(Company Registration No. 201925299R)

As trustee-manager of Ascott Business Trust

Karen Chan

Company Secretary

22 September 2021

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IMPORTANT NOTICE

The past performance of Ascott Residence Trust ("ART") is not indicative of future performance. The listing of the stapled securities in ART (the "Stapled Securities") on the Singapore Exchange Securities Trading Limited (the "SGX-ST") does not guarantee a liquid market for the Stapled Securities. The value of the Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, Ascott Residence Trust Management Limited as manager of Ascott Real Estate Investment Trust or Ascott Business Trust Management Pte. Ltd. as trustee-manager of Ascott Business Trust (collectively, the "Managers") or any of their respective affiliates. An investment in the Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Managers redeem or purchase their Stapled Securities while the Stapled Securities are listed on the SGX-ST. It is intended that holders of Stapled Securities may only deal in their Stapled Securities through trading on the SGX- ST.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities.

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