Ascott Residence Trust (Ascott Reit) has agreed to acquire three prime serviced residences in China and a stable portfolio of 11 rental housing properties in Japan for $287.4 million.

The price tag works out to an EBITDA - a gauge of operating income - yield of 5.4 per cent.

Based on the previous year's financials, the deal translates to a 2.9 per cent rise in distribution per unit from 8.76 cents to 9.01 cents.

Ascott Reit will acquire Citadines Biyun Shanghai and Somerset Heping Shenyang for 321 million yuan (S$63.2 million) and 438 million yuan respectively from Ascott Serviced Residence (China) Fund, in which The Ascott holds a 36.1 per cent stake.

Ascott Reit will acquire Citadines Xinghai Suzhou from Ascott for 118 million yuan. The three serviced residences in China will continue to be managed by Ascott.

Ascott is a wholly-owned subsidiary of CapitaLand.

In addition, Ascott Reit will acquire 11 rental housing properties in Japan for 9.2 billion yen (S$114.8 million) from ACRJ3, an 88.9 per cent owned subsidiary of Ascott.

The rental housing properties have a total of 959 apartment units across six cities in Japan, namely Fukuoka, Sapporo, Kyoto, Hiroshima, Saga and Sendai.