Paul Hastings, a leading global law firm, announced today that it advised Ascendas Land International as the sponsor, Ascendas Hospitality Fund Management as the manager and Ascendas Hospitality Trust Management as the trustee-manager on Ascendas Hospitality Trust’s (“Ascendas Hospitality”) offering of its stapled securities on the Singapore Exchange. Ascendas Hospitality is a Singapore-based REIT and the hospitality arm of Ascendas Group, Asia’s leading provider of business space solutions.
Marking one of the largest IPOs in Singapore so far this year, the US$308 million spin off and listing of Ascendas Hospitality’s stapled securities via a property trust consists of one unit in Ascendas Hospitality Real Estate Investment Trust (“A-HREIT”) and one unit in Ascendas Hospitality Business Trust (“A-HBT”).
Ascendas Hospitality has a portfolio comprising 10 properties in major cities in Australia, China and Japan. It plans to use part of the proceeds from its listing to finance acquisitions, as well as for working capital.
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