Ascott Residence Trust divests two properties in China

The divestment will register a yield of $198m.

Ascott Residence Trust entered into conditional sale and purchase agreements to divest its interests in two serviced residence properties in China –Citadines Biyun Shanghai and Citadines Gaoxin Xi’an – for RMB 980m or approximately $198m.

According to OCBC Investment Research, the completion of the divestment is expected to take place in 2H17.

"We view the divestment as a positive step within ART's strategy of capital recycling, considering the limited growth prospects for the assets as well as their capex needs going forward," OCBC Investment Research analyst Deborah Ong said.

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