Ascott Residence Trust (Ascott Reit) is a serviced residence real estate investment trust established with the objective of investing primarily in real estate and real estate-related assets that are income producing are used or predominantly used, as serviced residences or rental housing properties in the Pan-Asian region. Its initial asset portfolio comprises 12 properties located in seven Pan-Asian cities. Ascott Reit is managed by Ascott Residence Trust Management Limited, an indirect wholly-owned subsidiary of CapitaLand. On November 5, 2008, Ascott Reit announced the acquisition of Somerset West Lake Hanoi in Vietnam. In June 2008, the Company acquired Somerset St Georges Terrace. In April 2009, the Company completed the acquisition of The Ascott Vietnam (Investments) Pte Ltd. Following the completion of the acquisition, the Company has acquired an effective interest of 70% in the property known as Somerset West Lake held through West Lake Development Company Limited.