Ascott Residence Trust Acquires Another Serviced Apartment Property in Perth
Ascott Residence Trust (ART) recently acquired an additional serviced apartment property located along the prime St. Georges Terrace in the central business district of Perth. The property is currently known as Chifley on the Terrace and will be renamed Somerset St Georges Terrace, Perth. The new serviced apartment property will be managed by Ascott International Management.
According to Ascott Residence Trust, the acquisition of the serviced apartment property is yield-accretive with an estimated annual property yield of 6.1 percent for 2008 and will be funded by borrowings which will bring its gearing to 34.5 percent.
Somerset St. Georges Terrace will offer 84 studios and one-bedroom serviced apartments and provide facilities such as daily housekeeping services, a bar and restaurant, meeting rooms, and convenient car parking. The property is already experiencing an average occupancy level of approximately ninety percent. Move and Stay at www.moveandstay.com.au has more information on rates and availability.
The Somerset St. Georges Terrace location makes the serviced apartment property attractive to corporate travelers due to the limited supply of high quality serviced apartment accommodations in Perth. According to a HotelBenchmark Survey by Deloitte, Perth was named the best performing Australian city in 2007. Average room rates grew at fifteen percent during the first none months of that year to reach A$159 and occupancy averaged about 84 percent.
At the completion of the Somerset St. Georges Terrace serviced apartment property, the portfolio of Ascott Residence Trust will average 1.37 billion and includes 3,550 serviced apartment units in 37 properties in 11 cities across seven countries. Ascott’s assets in Australia will make up four percent of the company’s total portfolio value which is a one percent increase before the property acquisition. Ascott Residence Trust’s other serviced apartment property in Australia is Somerset Gordon Heights located in the central business district of Melbourne.
Ascott Residence Trust (ART) is the first pan-Asian serviced apartment residence real estate investment trust (REIT) established with the objective of investing primarily in real estate and real estate-related assets which are income-producing and which are used as serviced apartment residences or rental housing properties in the pan-Asian region.
For additional information on serviced apartment accommodations and availability in Australia, contact Move and Stay at www.moveandstay.com.au .
According to Ascott Residence Trust, the acquisition of the serviced apartment property is yield-accretive with an estimated annual property yield of 6.1 percent for 2008 and will be funded by borrowings which will bring its gearing to 34.5 percent.
Somerset St. Georges Terrace will offer 84 studios and one-bedroom serviced apartments and provide facilities such as daily housekeeping services, a bar and restaurant, meeting rooms, and convenient car parking. The property is already experiencing an average occupancy level of approximately ninety percent. Move and Stay at www.moveandstay.com.au has more information on rates and availability.
The Somerset St. Georges Terrace location makes the serviced apartment property attractive to corporate travelers due to the limited supply of high quality serviced apartment accommodations in Perth. According to a HotelBenchmark Survey by Deloitte, Perth was named the best performing Australian city in 2007. Average room rates grew at fifteen percent during the first none months of that year to reach A$159 and occupancy averaged about 84 percent.
At the completion of the Somerset St. Georges Terrace serviced apartment property, the portfolio of Ascott Residence Trust will average 1.37 billion and includes 3,550 serviced apartment units in 37 properties in 11 cities across seven countries. Ascott’s assets in Australia will make up four percent of the company’s total portfolio value which is a one percent increase before the property acquisition. Ascott Residence Trust’s other serviced apartment property in Australia is Somerset Gordon Heights located in the central business district of Melbourne.
Ascott Residence Trust (ART) is the first pan-Asian serviced apartment residence real estate investment trust (REIT) established with the objective of investing primarily in real estate and real estate-related assets which are income-producing and which are used as serviced apartment residences or rental housing properties in the pan-Asian region.
For additional information on serviced apartment accommodations and availability in Australia, contact Move and Stay at www.moveandstay.com.au .
Labels: Ascott, Australia accommodation, residence, serviced apartment
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