CapitaLand Ascott Trust divests four properties in France for €44.4m

CapitaLand Ascott Trust (CLAS) has completed the divestment of four mature serviced residences in regional France to an unrelated third party for a total of €44.4 million ($47.0 million).

The four properties are Citadines Croisette Cannes, Citadines Prado Chanot Marseille, Citadines Castellane Marseille and Citadines City Centre Lille.

The four properties were divested at 63 percent above book value.

Post-divestment, CLAS has 12 properties in France. The properties are predominantly located in Paris, including La Clef Tour Eiffel Paris and Citadines Les Halles Paris, which are undergoing asset enhancement initiatives (AEI) to boost their value and profitability. AEI includes refurbishment of guest rooms and general public areas. Both properties will remain open, receiving rent throughout the AEI.