CapitaLand Ascott Trust (CLAS) is divesting three hotels in Osaka, Japan, to an unrelated third party for a total of JPY10.7 billion ($75 million). The three properties are Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West.
The three properties will be divested at about 15 percent above book value. Net proceeds of the divestment are expected to be about JPY3.9 billion (S$36.4 million/$27.34 million), and CLAS will recognize a net gain of JPY1.1 billion (S$10.1 million/$7.59 million). The divestment of the three properties is expected to be completed in first quarter 2024.
Serena Teo, CEO of CapitaLand Ascott Trust Management and CapitaLand Ascott Business Trust Management (the managers of CLAS), said, “The divestment of the three properties is part of our active portfolio reconstitution strategy. The properties are situated outside the prime districts in Osaka, and the divestment enables CLAS to unlock the value of the properties, redeploying
