Earlier this year, Ascott Residence Trust (ART) entered into conditional sale and purchase agreements to acquire a new property in Tokyo, Japan as well as increase its existing stakes in two serviced residences, one in Tokyo and the other in Ho Chi Minh City, Vietnam.

In Tokyo, ART will acquire the 79-unit Somerset Azabu East, Tokyo from Mitsubishi Estate Co Ltd (MEC), one of Japan’s largest real estate developers, at a property value of ¥5.7 billion (about S$79.8 million). It will also be increasing its stake in Somerset Roppongi, Tokyo, a 64-unit residence by acquiring the remaining 60% interest owned by MEC and MEC Roppongi Funding Corporation at a proportionate property value of ¥2.6 billion (about S$36.4 million).

In Ho Chi Minh City, ART will be acquiring a 40.2% stake in Somerset Chancellor Court, Ho Chi Minh City, from The Ascott Group. This will increase ART’s stake in the property to 67%.

Upon completion of the latest acquisitions by April 2007, ART’s portfolio will expand to S$1.2 billion, comprising 18 properties in 10 pan-Asian cities across seven countries.