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

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.