Ascott Residence Trust has purchased Quest Serviced Apartments in Macquarie Park for $46m on a yield of mid five percent
Ascott has purchased the Quest Macquarie Park
Price of $46m, yield c. 5.5%
111 serviced apartment-style hotel rooms
Ascott Residence Trust has purchased Quest Serviced Apartments in Macquarie Park for $46 million on a yield of mid five percent.
The Hotel offers 111 serviced apartment-style hotel rooms comprising a mix of studios, one and two bedrooms apartments, with full kitchens and laundry facilities.
Ascott Residence Trust Managers CEO Beh Siew Kim said the acquisition of Quest Macquarie Park Sydney was in line with ART’s strategy to enhance returns for its stapled security holders while strengthening investments in developed markets.
“The Quest serviced residence, which is well-located in Sydney’s second largest business district of Macquarie Park, will be under a master lease agreement and will add to our stream of stable income," she said.
"The annual rent under the master lease agreement provides an EBITDA yield of mid 5 percent and is also indexed at a 4 per cent increase each year, subject to periodic market review."