Somerset Olympic Tower Tianjin Sold by CapitaLand Ascott Trust

News about CapitaLand Ascott Trust

Capitaland Ascott Trust (CLAS) is announcing the divestment of Somerset Olympic Tower Tianjin:

“We continually reconstitute CLAS’ portfolio by divesting mature properties such as Somerset Olympic Tower Tianjin and redeploying the proceeds towards more optimal uses. In 1H 2024, CLAS’ properties in China contributed 1.4% to our total gross profit. The divestment of Somerset Olympic Tower Tianjin will have minimal impact on our gross profit. Post divestment, we will have four properties2 in China. With CLAS’ strong financial position, we stand ready to capture opportunities to deliver accretive growth for our Stapled Securityholders.”

CapitaLand Ascott Trust
Price0.895 SGD
NAV1.110 SGD
Yield (4 quarters)7.09%
Gearing38.3%