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Ascott Residence Trust
Annual Report 2015
34 Acquisition of serviced residence properties and non-controlling interests, net of cash movements
Acquisition of serviced residence properties and subsidiaries
On 31 July 2015, the Group acquired the following from related corporations:
- a 100% interest in Citadines Melbourne on Bourke Unit Trust and Citadines Melbourne on Bourke
Pty Ltd, which owns the leasehold interest in the property, Citadines on Bourke Melbourne, from Citadines
Melbourne on Bourke (BVI) Limited.
- the land on which the property, Citadines on Bourke Melbourne, is located from Citadines Melbourne
on Bourke Land Pty Ltd.
- a 100% interest in ARC-CapitaLand Four TMK from CapitaLand Singapore Management Limited
(as trustee of both GPH Investments Pte Ltd and CRL Investment Pte Ltd) and ArcResidential Japan
Investments Limited. Both GPH Investments Pte Ltd and ArcResidential Japan Investments Limited are
unrelated third parties. ARC-CapitaLand Four TMK holds the trust beneficial interests in respect of the
four rental housing properties.
On 19 August 2015, the Group acquired the property, Element New York Times Square West, from an
unrelated third party.
From the respective acquisition dates to 31 December 2015, the serviced residence properties and subsidiaries
contributed loss after tax of $1,511,000, mainly arising from a loss on revaluation of these serviced residence
properties. If the acquisitions had occurred on 1 January 2015, the Manager estimates that the consolidated
revenue would have been $466,079,000 and consolidated return for the year would have been $176,700,000.
On 20 March 2014, the Group acquired a 100% interest in Island City Pte. Ltd. from Ascott Investment
Holdings Ltd, a related corporation, and ArcResidential Japan Investments Limited, an unrelated third party.
Island City Pte. Ltd. owns the trust beneficial interest in respect of the property, Infini Garden, through its
indirectly wholly-owned subsidiary, Infini Garden TMK.
On 20 June 2014, the Group acquired a 100% interest in Wangze (Dalian) Enterprise Co., Limited, which
owns the property, Somerset Grand Central Dalian, from an unrelated third party.
On 18 August 2014, the Group acquired the following from related corporations:
- a 100% interest in Somerset Ampang (Malaysia) Sdn. Bhd., which owns the property, Somerset Ampang
Kuala Lumpur, from Ascott Investment Holdings Ltd.
- a 100% interest in Zhuankou Investments (Hong Kong) Limited from Zhuankou Investments (BVI) Limited.
Zhuankou Investments (Hong Kong) Limited owns the property, Citadines Zhuankou Wuhan, through its
wholly-owned subsidiary, Wuhan Citadines Property Development Co., Ltd..
- a 100% interest in Gaoxin Investments (Hong Kong) Limited from Gaoxin Investments (BVI) Limited.
Gaoxin Investments (Hong Kong) Limited owns the property, Citadines Gaoxin Xi’an, through its
wholly-owned subsidiary, Citadines (Xi’an) Property Co., Ltd..
On 16 October 2014, the Group acquired the property, Citadines Central Shinjuku (formerly known as
Best Western Shinjuku Astina Hotel), from an unrelated third party.
On 10 December 2014, the Group acquired a portfolio of three serviced residence properties located in Greater
Sydney, namely Quest Campbelltown, Quest Mascot and Quest Sydney Olympic Park, from unrelated third
parties.
