Ascott Residence Trust to sell Guangzhou, Paris properties above book value

Fiona Lam

Published Mon, Jul 27, 2020 · 09:50 PM

Singapore

ASCOTT Residence Trust (ART) has entered into conditional agreements to sell Ascott Guangzhou in China and Citadines Didot Montparnasse Paris in France to two unrelated parties for S$191.4 million.

ART expects to realise total estimated net gains of S$23.2 million when both transactions are completed: S$19.4 million from the Guangzhou deal and S$3.8 million from the Paris deal, its managers said on Monday.

The Ascott Guangzhou serviced residence in China carries a divestment price of 780 million yuan (S$155 million), which is about 52 per cent above the property's book value and about 81 per cent higher than the acquisition price i…