Singapore Firms Tap U.S. Real Estate Market
July 23 2017 - 9:02PM
Dow Jones News
By Gaurav Raghuvanshi
SINGAPORE--Two Singapore-listed firms Monday announced
acquisitions of properties in the U.S., betting on a recovery in
the real estate market as the economy gains traction.
The Ascott Ltd., the serviced residences unit of Singapore
developer CapitaLand Ltd. (C31.SG), said it will buy an 80% equity
stake in Synergy Global Housing for US$4.7 million.
The acquisition will increase Ascott's U.S. portfolio to about
3,000 serviced residences from 1,000 now, the company said in a
statement.
Separately, Centurion Corp. Ltd. (OU8.SG) announced its U.S.
foray with a proposed acquisition of student accommodation assets
for US$136 million. The portfolio comprises 1,936 beds in five
student accommodation assets across the country.
Centurion said it intends to keep a 30% stake in the assets and
is in discussion with various third party investors, which will own
the remaining interest.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com
(END) Dow Jones Newswires
July 23, 2017 20:47 ET (00:47 GMT)
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