ASAP Member The Ascott Limited (Ascott) and its hospitality trust, Ascott Residence Trust (ART), are to invest jointly and develop a freehold student accommodation property based in South Carolina, USA, for an expected total of US$109.9 million (S$146.2 million).

The 678-bed student accommodation will serve over 35,000 undergraduate and graduate students from the nearby University of South Carolina, with completion expected in 2Q 2023.

Ascott and ART will own a 45% stake each with a third-party partner, a joint venture between one of the largest student housing developers in the USA and a large national real estate developer, will own the remaining 10% stake. When performance stabilises, Ascott and ART will acquire the remaining share from the third-party partner.

Ascott has separately formed a partnership with the student housing developer to invest and develop more student accommodation properties in the USA.

News Release_Ascott and Ascott Residence Trust Jointly Invest and Develop Student Accommodation in South Carolina USA for US$109.9 million_final