Ascott Residence Trust divests Somerset Xu Hui Shanghai at $162m

Ascott Residence Trust (ART) has sold Somerset Xu Hui Shanghai in China to an unrelated third party for RMB 1.05 billion ($162.37 million).

The divestment is at 171 percent above the property’s book value.

The divestment is part of ART's ongoing portfolio reconstitution strategy to unlock strong underlying value of the property and redeploy proceeds to higher-yielding assets to enhance the returns of ART’s portfolio.

Completed in 1999, Somerset Xu Hui Shanghai is a 168-unit serviced residence conveniently located in a prime residential district of Shanghai. It is within a 15-minute walk from the business area of Huai Hai Zhong Road and the Shan Xi Nan Road metro station.

ART has five other properties in China, which include Somerset Grand Central Dalian, Somerset Heping Shenyang and Somerset Olympic Tower Tianjin.