Ascott REIT Sells Singapore Property

News about Ascott Residence Trust

Ascott REIT is divesting from its Ascott Raffles Place property in Singapore's business district, for a sale price of S$353.3 million (64% above the valuation done on 31 December 2018). The art-deco tower, dating back to 1955, sits on a 999 year leasehold plot and generated about 3% of the trust gross profit.

Ascott REIT will use the proceeds to reduce debt and fund potential acquisitions and does not expect the transaction to have a material impact on its financial results.

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