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Ascott Residence Trust
Annual Report 2015
34 Acquisition of serviced residence properties and non-controlling interests, net of cash movements
(continued)
Acquisition of ownership interests in subsidiaries with no change in control
On 31 July 2015, the Group acquired from related corporations:
- an additional 40% interest in Citadines Kyoto Gojo TMK through the acquisition of 25% of the common
shares and 40% of the preference shares of Citadines Kyoto Gojo TMK for $10,091,000 in cash, increasing
its ownership interest from 60% to 100%. The carrying amount of the net assets of Citadines Kyoto Gojo
TMK in the Group’s financial statements on the date of acquisition was $25,227,000.
- an additional 40% interest in Citadines Shinjuku TMK through the acquisition of 100% of the issued
shares in Citadines Shinjuku (S) Pte Ltd and Citadines Shinjuku Tokyo Godo Kaisha (which in aggregate
directly own 25% of the common shares and 40% of the preference shares of Citadines Shinjuku TMK)
for $21,278,000 in cash, increasing its ownership interest from 60% to 100%. The carrying amount of
the net assets of Citadines Shinjuku TMK in the Group’s financial statements on the date of acquisition
was $53,208,000.
The following summarises the effect of the change in the Group’s ownership interest in Citadines Kyoto Gojo
TMK and Citadines Shinjuku TMK:
$’000
Consideration paid for acquisition of non-controlling interests
31,369
Transaction costs
183
31,552
Decrease in equity attributable to non-controlling interests
(31,374)
Decrease in equity attributable to Unitholders
178
35 Commitments
As at the reporting date, the Group and the Trust had the following commitments:
(a) Capital commitments
Group
Trust
2015
$’000
2014
$’000
2015
$’000
2014
$’000
Capital expenditure commitments:
- contracted but not provided for
32,835
8,602
497
313
