Ascott Real Estate Investment Trust completed the acquisition of Ascendas Hospitality Trust from Ascendas Land International Pte Ltd, AHDF Pte Ltd., Tang Yigang and others.
The transaction is subject to approval of more than 50% of Ascott Residence Trust unitholders and Ascendas Hospitality Trust stapled unitholders, order of High Court of the Republic of Singapore sanctioning the transaction, the approval-in-principle from the SGX-ST for listing and quotation of the consideration units, approval of Monetary Authority of Singapore, Securities Industry Council, Treasurer of the Commonwealth of Australia and Inland Revenue Authority of Singapore. On September 9, 2019, SGX-ST gave its approval in-principle for the listing and quotation of consideration units. The approval in-principle for the listing and quotation of such units is subject to compliance with the SGX-ST's listing requirements, approval of the Ascott Reit Unitholders of all the resolutions to be approved for the purpose of effecting the combination and approval of the court for the implementation of the Ascott Reit Scheme. On July 11, 2019, both Tang Yigang and AHDF Pte Ltd. executed an irrevocable deed of undertaking to vote in favor of the resolutions to approve the amendment of Ascendas Hospitality Trust Deeds to facilitate the implementation of the transaction. As of August 1, 2019, the scheme meeting to obtain A-HTRUST stapled securityholders' approval on the scheme is expected to be held in October 2019. The transaction will be Distribution per Unit (DPU) accretive on a historical pro forma basis for unitholders of both Ascott Residence Trust and Ascendas Hospitality Trust. As of September 26, 2019, scheme document with detail amendment of the A-HTRUST trust deed was dispatched. The extraordinary general meeting of the A-HTRUST stapled security holders will be held on October 21, 2019. The transaction was approved by shareholders of Ascott Residence Trust. The transaction is expected to close in December 2019.
Citigroup Global Markets Singapore Pte. Ltd. acted as the financial advisor and Allen & Gledhill LLP acted as the legal advisor for the managers of Ascott Residence Trust. Morgan Stanley Asia (Singapore) Pte. acted as the financial advisor and Ng Wai King, Andrew Ang, Monica Yip, Trevor Chuan, Lydia Ong, Chan Jia Hui and Jerry Tan of WongPartnership LLP acted as the legal advisors for the managers of Ascendas Hospitality Trust. As of July 30, 2019, Ascott Residence Trust Management Limited appointed ANZ Singapore Limited as the independent financial advisor for trustee, audit committee and independent directors of Ascott Residence Trust. As of August 1, 2019, Deloitte & Touche Corporate Finance Pte Ltd is appointed as independent financial advisor for the directors of Ascendas Hospitality Trust.
Ascott Real Estate Investment Trust (SGX:HMN) completed the acquisition of Ascendas Hospitality Trust (SGX:Q1P) from Ascendas Land International Pte Ltd, AHDF Pte Ltd., Tang Yigang and others on December 31, 2019. Ascott Reit has been renamed as Ascott Real Estate Investment Trust, Ascott BT is named as Ascott Business Trust and combined entity the stapled Ascott Reit and the Ascott BT has been named as Ascott Residence Trust. As on January 2, 2020, Ascott Reit-BT Stapled Units will be traded on the Stock exchange as Ascott Trust and Ascott Reit Units have ceased to trade on Stock exchange from December 27, 2019.