CLAS divests Citadines Karasuma-Gojo Kyoto for $53.1m

The price was 40.1% above the asset's book value.

CapitaLand Ascott Trust (CLAS) divested Citadines Karasuma-Gojo Kyoto for $53.1m (JPY 6.18b), 40.1% above its book value.

CLAS also sold the 124-unit property at an exit earnings before interest, taxes, depreciation, and amortisation (EBITDA) yield of about 0.3%.

The business trust raised net proceeds of $37.8m (JPY 4.4b) from the divestment and recognised a net gain of $8.0m (JPY 0.9b).

CLAS will have 29 properties in Japan, comprising serviced residences, hotels, rental housing, and student accommodations post-divestment.

These assets are in key cities, including Tokyo, Osaka, Fukuoka, Hiroshima, and Sapporo.

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