Ascott Residence Trust sells two serviced residences for $191.4m

Uploaded By:  Clarist Zablan Submitted By:  Clarist Zablan Case Study:  No Proceeds may be deployed for other higher-yielding assets. Ascott Residence Trust (ART) has agreed to divest two serviced residences, namely Ascott Guangzhou in China and Citadines Didot Montparnasse Paris in France, to two unrelated third parties, for about $191.4m, according to a news release. Ascott Guangzhou in China was sold at a price of $155m (RMB780m), whilst Citadines Didot Montparnasse Paris in France was sold for $36.4m (EUR23.6m). ART is expected to realise about $23.2m in total estimated net gains upon the completion of both transactions. read more