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Ascott Reit buys rental housing property in Japanese city of Fukuoka for $78.4m

Published on Mar 21, 2014 10:09 AM
 
Infini Garden, a rental housing property in Fukuoka, Japan, will provide Ascott with an EBITDA yield of 6.6 per cent. -- PHOTO: ASCOTT

CapitaLand's serviced residence unit Ascott Residence Trust (Reit) has bought a rental housing property in Fukuoka, Japan for 6.3 billion (S$78.4 million).

Infini Garden will provide Ascott with an EBITDA yield of 6.6 per cent, the Reit said on Friday. This is the ratio of Infini Garden's earnings before interest, tax, depreciation and amortisation to its total value including debt.

The 389-unit Infini Garden is located in Island City, near the upcoming Fukuoka Children's Hospital and a 25-minute drive to the central business district. It comprises two-, three- and four-bedroom apartments.

Ascott Reit is acquiring the property from The Ascott, which owns its manager Ascott Residence Trust Management, and ArcResidential Japan Investments.

 
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