A&G News 17 February 2020

Allen & Gledhill advised ARA Business Trust Management (USH) Pte. Ltd. (in its capacity as trustee-manager of ARA U.S. Hospitality Management Trust) and DBS Trustee Limited (in its capacity as trustee of ARA U.S. Hospitality Property Trust) (the “Issuers”), as well as ARA Trust Management (USH) Pte. Ltd. (as manager of ARA U.S. Hospitality Property Trust, the “REIT Manager”) on the establishment of a S$800 million multicurrency stapled debt issuance programme (the “Programme”) by ARA U.S. Hospitality Trust.

ARA US Hospitality Trust is a stapled group comprising ARA US Hospitality Property Trust and ARA US Hospitality Management Trust.

The Programme is the first debt issuance programme in Singapore to feature both the issuance of stapled debt securities as well as issuers whose subsidiary or associate qualifies as a real estate investment trust for U.S. federal income tax purposes or for portfolio interest exemption pursuant to the U.S. Inland Revenue Code.

It is the second stapled debt securities debt issuance programme, and the second debt issuance programme by an issuer whose subsidiary qualifies as an U.S. REIT, in Singapore.

Advising the Issuers and the REIT Manager were Allen & Gledhill Partners Margaret Chin and Fabian Tan.

Advising the Issuers and the REIT Manager on tax issues was Allen & Gledhill Partner Sunit Chhabra.

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