Ascott Residence Trust and Ascendas Hospitality Trust, real estate trusts, completed the merger in S$1.2bn deal. “The Combination is a win-win for both Ascott Reit’s and A-HTRUST’s unitholders.The combined entity will have a higher proportion of stable income derived from master leases; well balanced by growth income derived from management contracts. With access to a larger capital base and a higher debt headroom of about S$1.0bn, we will have greater financial flexibility to seek more accretive acquisitions and value enhancements. The combined entity can then be strategically positioned to potentially enjoy a positive re-rating of the unit price and gain a wider investor base, which would be beneficial to all our unitholders,” Bob Tan, Ascott Residence Trust Management Chairman.