Ascott Residence Trust Management Limited , as manager of Ascott Residence Trust (“Ascott REIT”), announced that Ascott REIT has through its wholly owned subsidiaries, Biyun Investments (Hong Kong) Limited and Gaoxin Investments (Hong Kong) Limited , have entered into two conditional sale and purchase agreements with an unrelated third party to divest, through the divestment of interests in the property holding companies named below, the following interests in two serviced residence properties in China:

– Citadines Biyun Shanghai (“CBS Property”) which is held by Gain Mark Properties
(Shanghai) Ltd (“CBS”).;
– Citadines Gaoxin Xi’an (“CGX Property”) which is held by Citadines (Xi’an) Property
Co., Ltd. (“CGX”),

The aggregate consideration under the Sale and Purchase Agreements for the Sale (“Sale Price”) was agreed on a willing buyer willing seller basis taking into account, the agreed aggregate value of the Properties of RMB980 million (approximately S$198.0 million) (“Property Values”) adjusted for, among others, bank loans and entrustment loans owed by the Target Companies and net current asset value of the Target Companies as at the completion date of the sale.

Source: Ascott REIT

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