Leading international law firm Clifford Chance has advised Ascott Residence Trust (Ascott Reit) on its acquisition of a portfolio of 11 rental housing properties in Japan for JPY9.2 billion from ACRJ3 Pte Ltd, an 88.9% owned subsidiary of The Ascott Limited. The properties have a total of 959 apartments located across six cities in Japan.
This deal is part of a wider transaction involving Ascott Reit acquiring, in addition to the Japan properties, three prime serviced residences in China.
Tokyo partner Leng-Fong Lai who led the Clifford Chance team advising Ascott Reit commented, “We are extremely pleased to have assisted Ascott with its latest acquisitions in Japan and increasing its Asian portfolio. The Japanese market has seen robust growth over the last six months and this transaction is reflective of the optimism felt by global investors in Japanese real estate.”
Leng-Fong was supported on this deal by counsel Kenji Miyagawa and associate Suguru Kimura.
Ascott Reit was established to invest in real estate and real estate-related assets which are income-producing and used or predominantly used as serviced residences, rental housing properties and other hospitality assets and is listed on the Singapore Stock Exchange. Ascott Reit is managed by Ascott Residence Trust Management Limited, a wholly-owned subsidiary of The Ascott Limited and an indirect wholly-owned subsidiary of CapitaLand Limited, one of Asia’s largest real estate companies.
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