(16 Jun 2021)
Ascott and its hospitality trust, Ascott Residence
Trust (ART), are to invest and develop a freehold student
accommodation asset located in South Carolina, USA for an expected
total amount of US$109.9 million (S$146.2 million).
student accommodation will serve over 35,000 undergraduate and
graduate students from the nearby University of South Carolina
Construction of the student accommodation is
scheduled to start in Q2 2021 and complete in Q2 2023.
At the initial stage, Ascott and ART will jointly
invest in the asset to own a 45% stake each. A third-party partner,
which is a joint