CapitaLand Ascott Trust Completes Divestment of Four Properties in Regional France for EUR44.4 Million

CapitaLand Ascott Trust | September 26, 2023

Singapore, 26 September 2023 – CapitaLand Ascott Trust (CLAS) has completed the divestment of four mature serviced residences in regional France to an unrelated third party for a total of EUR44.4 million (S$64.7 million[1]).  The four properties are Citadines Croisette Cannes, Citadines Prado Chanot Marseille, Citadines Castellane Marseille and Citadines City Centre Lille. The four properties were divested at 63% above book value[2] and net proceeds of the divestment is approximately EUR34.1 million (S$49.7 million).  The exit yield[3] is about 4% and CLAS received a net gain of approximately EUR1.2 million (S$1.8 million). Post-dive...