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 S$191.4 million ($138 million).
For Ascott Guangzhou in China, the divestment price of RMB 780 million (S$155 million/$113 million) is about 52 percent above the property’s book value and about 81 percent higher than the acquisition price in 2012. ART is expected to realize estimated net gains of about S$19.4 million ($14 million) upon the completion of the transaction in the first quarter 2021.
For Citadines Didot Montparnasse Paris in France, the divestment price of €23.6 million (S$36.4 million/$26.39 million) is about 69 percent above the property’s book value and about 60.4 percent higher than the acquisition price in 2010. ART is expected to realize estimated net gains of about S$3.8 million ($2.76 million) upon completion of the transaction in the fourth quarter 2020.
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