CapitaLand Ascott Trust (CLAS) has plans to divest Citadines Mount Sophia Singapore to an unrelated third party for S$148 million ($111 million).
The 154-unit property will be divested at 19.4 percent above book value. Net proceeds of the divestment are expected to be approximately S$138.6 million ($104 million). The exit yield is about 3.2 percent and CLAS will recognize a net gain of approximately S$14.6 million ($11 million). The divestment is expected to be completed in first quarter 2024.
“We are divesting Citadines Mount Sophia Singapore at close to S$1 million [$747,000] per key, which is a significant premium to book value,” said Serena Teo, CEO of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte
