Acrophyte to Acquire ARA US Hospitality Managers

MT Newswires05-28

ARA Asset Management agreed to sell ARA US Hospitality Property Trust's (SGX:XZL) manager, ARA Trust Management, and ARA US Hospitality Management Trust to Acrophyte Asset Management, according to a Tuesday filing with the Singapore bourse.

Under the share purchase agreement, Acrophyte Asset Management will buy 1.5 million ordinary shares in ARA Trust Management and 50,000 shares in ARA US Hospitality Management Trust, the filing said. The financial terms weren't disclosed.

Meanwhile, Acrophyte Limited will buy 19% of ARA US Hospitality Property Trust, for an undisclosed sum, the filing showed.

Following the deals, Acrophyte Pte Ltd will become the new sponsor of ARA US Hospitality Management Trust. Completion of the deal is expected to take place in the second or third quarter, subject to certain conditions.

The real estate investment trust's shares rose nearly 4% in recent Tuesday trade.

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