CapitaLand Ltd - Deutsche Bank

Ascott Residence Trust (ART SP) will acquire 28 assets in Europe (17 in France) and 1 each in SG & Vietnam. The Ascott (100% owned by Capl) will concurrently purchase ART's stake in Ascott Beijing for S$214m and reposition it for future strata sale. The acquisition will be funded by a fully underwritten issuance of 487.5m new units by ART (proceeds of S$561m), additional debt & divestment proceeds subject to unitholders approval.