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CapitaLand Ascott Trust to divest Somerset Olympic Tower Tianjin
Wednesday, 23rd October 2024
Source : CapitaLand Ascott Trust

CapitaLand Ascott Trust to divest Somerset Olympic Tower Tianjin as part of strategy to recycle capital and reconstitute portfolio to enhance returns to Stapled Securityholders.

CapitaLand Ascott Trust (CLAS) has entered into an agreement to divest Somerset Olympic Tower Tianjin in China to an unrelated third party.  The 185-unit property will be divested at above book value, unlocking gains for CLAS’ Stapled Securityholders. 

The transaction, subject to customary conditions precedent, is expected to be completed in 2Q 2025.  Somerset Olympic Tower Tianjin, which opened in 1998, is located in Heping District.

Ms Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS), said: “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 properties in China.  With CLAS’ strong financial position, we stand ready to capture opportunities to deliver accretive growth for our Stapled Securityholders.”

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