INTERNATIONAL REPORT—Ascott Residence Trust (ART) has entered into two conditional agreements to divest Ascott Guangzhou in China and Citadines Didot Montparnasse Paris in France to two unrelated third parties respectively, for a total of about $191.4 million. ART is expected to realize total estimated net gains of about $23.2 million upon the completion of both transactions.
For Ascott Guangzhou in China, the divestment price of $155 million (RMB 780 million) is about 52% above the property’s book value and about 81% higher than the acquisition price in 2012. ART is expected to realize estimated net gains of about $19.4 million upon the completion of the transaction in Q1 2021.
For Citadines Didot Montparnasse Paris in France, the divestment price of $36.4 million (EUR 23.6 million) is about 69% above the property’s book value and about 60.4% higher than the acquisition price in 2010. ART is expected to realize estimated net gains of about $3.8 million upon completion of the transaction in Q4 of this year.
