CapitaLand Ascott Trust Divests Two Hotels in Australia for AUD109.0 Million

CapitaLand Ascott Trust | November 7, 2023

Transaction is part of CLAS’ active portfolio reconstitution strategy to deliver sustainable returns to Stapled Securityholders Singapore, 7 November 2023 – CapitaLand Ascott Trust (CLAS) is divesting two mature hotels in Sydney, Australia to an unrelated third party for a total of AUD109.0 million (S$95.6 million[1]).  Situated outside of the city centre, the two properties are Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Paramatta. The two properties will be divested at about 5% above book value[2] and net proceeds of the divestment is expected to be AUD98.0 million (S$85.9 million).  The exit yield[3] is 4.4% and C...