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Ascott REIT to divest 2 China properties for $198 mil

Jude Chan Published on Mon, Jul 03, 2017 / 6:00 PM GMT+8

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SINGAPORE (July 3): Ascott Residence Trust has entered into two conditional agreements to divest its interests in two serviced residence properties in China – Citadines Biyun Shanghai and Citadines Gaoxin Xi’an – for a total consideration of RMB 980 million ($198.0 million).

The agreements were entered into through Ascott REIT’s wholly-owned subsidiaries Biyun Investments (Hong Kong) and Gaoxin Investments (Hong Kong).

The subsidiaries will divest their interests in Gain Mark Properties (Shanghai) and Citadines (Xi’an) Property Co., which are the companies holding the properties.

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Ascott REIT to divest 2 China properties for $198 mil