Sept 25 – 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 million1), according to a stock exchange filing. 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 and the net proceeds of the divestment are approximately EUR34.1 million (S$49.7 million). The exit yield is about 4% and CLAS received a net gain of approximately EUR1.2 million (S$1.8 million). Post-divestment, CLAS has 12 properties in France.