Ascott Residence Trust (SGX: A68U) will look for acquisitions. Ascott Reit has sold Raffles Place property for SGD 353.3 million. The net sale proceeds from the sale may be used to pare the debts of Ascott Reit, fund potential acquisitions and/or for other general corporate purposes, Ascott Reit's Manager, Ervin Yeo said in a Singapore Exchange (SGX) filing.