CapitaLand Ascott Trust (SGX:HMN) entered into memorandum of understanding to acquire Ascott Kuningan Jakarta from Piatra Pte Ltd for $40 million on August 2, 2023. CapitaLand Ascott Trust entered into a conditional share purchase agreement to acquire Ascott Kuningan Jakarta from Piatra Pte Ltd on October 9, 2023. The acquisition will be funded from approximately $130.4 million (SGD 173.5 million) from the issuance of new Stapled Securities, approximately $33.9 million (SGD 45.1 million) from proceeds raised in the placement in August 2022 and approximately $6.2 million (SGD 8.2 million) from divestment proceeds. The acquisition is subject to the parties agreeing to the terms of the Purchase Agreements and the Management Agreements and the Managers completing the due diligence to their satisfaction, inter-conditional upon the other proposed acquisitions, there is no certainty or assurance that any definitive agreements will be entered into or that the Proposed Acquisitions will materialize, the approval of the stapled securityholders of CLAS, none of the Properties (or any part of the Properties) are subject to any order or notice for compulsory acquisition, approval and consent of lenders, if required, in connection with the Proposed Acquisitions and approval of authorities, if required. The transaction is expected to close prior to November 30, 2023. As of October 9, 2023, the acquisition is expected to take place by 4Q 2023.

CapitaLand Ascott Trust (SGX:HMN) completed the acquisition of Ascott Kuningan Jakarta from Piatra Pte Ltd in November 2023.