498 views
Photo from Shutterstock

CLAS boosts Singapore portfolio with $263m lyf Funan acquisition

The acquisition is yield-accretive.

CapitaLand Ascott Trust (CLAS) will acquire lyf Funan Singapore for $263m.

CLAS will acquire the property from Ascott Serviced Residence Global Fund (ASRGF), where the business trust's sponsor, The Ascott Limited, holds a 50% stake.

The acquisition is yield-accretive and expected to boost total distribution by $3.5m, delivering a 1.5% DPS accretion on a pro forma basis for FY 2023.

CLAS plans to fund the $146.4m purchase consideration with proceeds from the divestment of Citadines Mount Sophia Singapore, completed in March 2024. 

Once the acquisition is completed, CLAS' Singapore assets will rise to five, boosting the proportion of its total assets in the country from 16% to 19%.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!