CapitaLand Ltd's subsidiary, Ascott  Reit, has sealed a sale'and'purchase agreement to buy its 'rst property in Hamburg, Germany, for 37.5mil euros ($59.4mil). The development has a freehold tenure and a net lettable area of 19,285 sqm and the 'xed component alone amounts to 80% of the total annual rent.

Ronald Tay, CEO of the Reit's trust management, said the acquisition was "yield' accretive to Ascott Reit as Madison Hamburg is expected to deliver a stable Ebitda yield of 7.0%". Ascott  does not expect the acquisition to have any material impact on its NTA, EPU, or DPU for the 'nancial year ending Dec 31, 2012.

Source: The Business Times