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Ascott Residence Trust divests two properties for over $190 mil

By Charlene Chin

/ EdgeProp Singapore |

July 27, 2020 6:51 PM SGT

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Ascott Residence Trust (ART) has sold Ascott Guangzhou in China and Citadines Didot Montparnasse Paris in France to two unrelated third parties respectively, for a total of about $191.4 million.

Upon completion of both transactions, ART will realise total estimated net gains of $23.2 million.

For Ascott Guangzhou in China, the divestment price of RMB780 million ($154 million) is 52% above the property’s book value and 81% higher than its acquisition price in 2012. Upon completion of the sale in 1Q2021, ART is expected to realise estimated net gains of $19.4 million.

ART acquired Ascott Guangzhou from The Ascott for RMB431 million in 2012. Located in the city’s financial hub of Tianhe, the 207-unit luxury serviced residence is surrounded by high-end office towers, and multiple retail and dining options.

The divestment price of Citadines Didot Montparnasse Paris in France for EUR23.6 million ($38.1 million) is 69% above the property’s book value and 60.4% higher than the acquisition price in 2010. ART is expected to realise estimated net gains of $3.8 million upon completion of the transaction in 4Q2020.

Located in the 14th arrondissement of France’s capital city, Citadines Didot Montparnasse Paris was one of the 28 properties that ART acquired from The Ascott for $1.39 billion in 2010.

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