Ascott Residence Sells Shanghai Property

News about Ascott Residence Trust

Ascott Residence Trust is selling Somerset Xu Hui Shanghai, a serviced residence, for a total value of 1.05 billion yuan (about S$215.6 million):

The property's agreed value is 171 per cent above its book value, said the managers in a pre-market filing on Tuesday.

This is expected to improve the trust NAV but impact distribution negatively due to lower income.

Ascott Residence Trust
Price1.020 SGD
NAV1.150 SGD
Yield (4 quarters)2.97%
Gearing36.1%