{"id":17575,"date":"2014-10-24T09:26:00","date_gmt":"2014-10-24T09:26:00","guid":{"rendered":"http:\/\/traveloscopy.com\/travel-news\/ascott-inks-aud500-million-strategic-partnership-with-quest-in-australia\/"},"modified":"2014-10-24T09:26:00","modified_gmt":"2014-10-24T09:26:00","slug":"ascott-inks-aud500-million-strategic-partnership-with-quest-in-australia","status":"publish","type":"post","link":"https:\/\/traveloscopy.com\/travel-news\/2014\/10\/ascott-inks-aud500-million-strategic-partnership-with-quest-in-australia\/","title":{"rendered":"Ascott Inks AUD500 Million Strategic Partnership With Quest In Australia"},"content":{"rendered":"

\"unnamed\"<\/a>CapitaLand\u2019s serviced residence unit, The Ascott Limited (Ascott) \u2013 the world\u2019s largest international serviced residence owner-operator, has entered into a strategic partnership with Quest Serviced Apartments (Quest) \u2013 the largest serviced apartment provider with 112 properties in Australia.<\/span><\/span>

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Ascott expects to invest up to AUD500 million (S$560 million) to acquire new properties that Quest will secure for its franchise in Australia over the next five years. Ascott will have a right of first refusal to acquire the properties sourced by Quest. Quest will then provide a lease for the properties, which will be operated under franchises using the Quest brand.<\/span><\/div>\n

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In addition, Ascott has signed an agreement to acquire a 20% stake in Quest for AUD28.8 million (S$32.3 million). As part of the agreement, Ascott has the option to increase its stake in Quest to 30%.<\/span><\/div>\n
Ascott Reit Expands To Greater Sydney By Acquiring Three Serviced Residences For AUD83.0 Million<\/span><\/em><\/strong><\/div>\n

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In a separate agreement, Ascott\u2019s real estate investment trust, Ascott Residence Trust (Ascott Reit), will acquire three operating serviced residences in Greater Sydney from Quest for AUD83.0 million (approximately S$93.0 million). These are Ascott Reit\u2019s maiden acquisitions in New South Wales.<\/span><\/div>\n

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The accretive acquisitions at an EBITDA yield of 7.7% are expected to increase Ascott Reit\u2019s FY 2013 distribution per unit from 8.40 cents to 8.46 cents on a pro forma basis.<\/span><\/div>\n

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Ascott Reit will receive fixed rent by taking over the leases for the three serviced residences – Quest Sydney Olympic Park, Quest Campbelltown and Quest Mascot – and they will continue to be operated under franchises using the Quest brand.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

CapitaLand\u2019s serviced residence unit, The Ascott Limited (Ascott) \u2013 the world\u2019s largest international serviced residence owner-operator, has entered into a strategic partnership with Quest Serviced Apartments (Quest) \u2013 the largest serviced apartment provider with 112 properties in Australia. Ascott expects to invest up to AUD500 million (S$560 million) to acquire new properties that Quest will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[255],"tags":[],"class_list":["post-17575","post","type-post","status-publish","format-standard","hentry","category-australia"],"_links":{"self":[{"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/posts\/17575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/comments?post=17575"}],"version-history":[{"count":0,"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/posts\/17575\/revisions"}],"wp:attachment":[{"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/media?parent=17575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/categories?post=17575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/traveloscopy.com\/travel-news\/wp-json\/wp\/v2\/tags?post=17575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}