CapitaLand Ascott Trust to divest Somerset Olympic Tower Tianjin under portfolio reconstitution strategy

Ashley Lo2024-10-22

Somerset Olympic Tower Tianjin, which comprises 185 units, is expected to be divested at above book value. Photo: CLAS CapitaLand Ascott Trust (CLAS) has entered into an agreement to divest Somerset ...

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Photo: CLAS\nCapitaLand Ascott Trust (CLAS) has entered into an agreement to divest Somerset ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-divest-somerset-olympic-tower-tianjin-under-portfolio?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CapitaLand Ascott Trust to divest Somerset Olympic Tower Tianjin under portfolio reconstitution strategy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCapitaLand Ascott Trust to divest Somerset Olympic Tower Tianjin under portfolio reconstitution strategy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-22 10:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-divest-somerset-olympic-tower-tianjin-under-portfolio?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Ashley Lo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Somerset Olympic Tower Tianjin, which comprises 185 units, is expected to be divested at above book value. Photo: CLAS\nCapitaLand Ascott Trust (CLAS) has entered into an agreement to divest Somerset ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-divest-somerset-olympic-tower-tianjin-under-portfolio?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-divest-somerset-olympic-tower-tianjin-under-portfolio?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2477068397","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477068397","pubTimestamp":1729564911,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"Somerset Olympic Tower Tianjin, which comprises 185 units, is expected to be divested at above book value. Photo: CLAS\n","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"凯德雅诗阁信托将根据投资组合重组策略剥离天津盛捷奥林匹克大厦","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AEI":1,"CLAS":1,"HMN.SI":1},"content_text":"Somerset Olympic Tower Tianjin, which comprises 185 units, is expected to be divested at above book value. Photo: CLAS\nCapitaLand Ascott Trust (CLAS) has entered into an agreement to divest Somerset Olympic Tower Tianjin in China to an unrelated third party. \nSomerset Olympic Tower Tianjin, which comprises 185 units, is expected to be divested at above book value. \nSerena Teo, CEO of CapitaLand Ascott Trust Hmn Management Limited and CapitaLand Ascott Business Trust Management, says: “We continually reconstitute CLAS’ portfolio by divesting mature properties such as Somerset Olympic Tower Tianjin and redeploying the proceeds towards more optimal uses.” \nShe adds that CLAS’ properties in China have since contributed 1.4% to the group’s gross profit in 1HFY2024. The divestment of Somerset Olympic Tower Tianjin is expected to have minimal impact to CLAS’ gross profit. \nThe divestment comes on the back of CLAS’s portfolio reconstitution strategy. Prior to the divestment, CLAS has since divested a total of approximately $400 million in assets year-to-date (ytd). \nThe group says the properties were divested at a premium to book value, which resulted in approximately $54 million in gains. \nOn Oct 1, CLAS announced that proceeds from the divestment of Citadines Mount Sophia Singapore are set to go towards the proposed acquisition of lyf Funan Singapore at an ebitda yield of 4.7%. Citadines Mount Sophia Singapore was divested in March at an exit yield of 3.2%.\nAdditionally, the group has also recently completed the asset enhancement initiative (AEI) for Citadines Holborn-Covent Garden London. \nSince the beginning of the year, CLAS has completed AEIs for five of its properties, and has three properties in its AEI pipeline to be completed between 4QFY2024 and 2026. \nUpon completion, the group adds that these initiatives are expected to “enhance the quality of CLAS’ portfolio and uplift its distribution income”. \nTeo adds: “With CLAS’ strong financial position, we stand ready to capture opportunities to deliver accretive growth for our stapled security holders.”\nShares in CLAS closed 1 cent lower, or down 1.05%, at 94 cents on Oct 22.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477068397"}