CapitaLand Ascott Trust to divest Citadines Mount Sophia for $148m

The REIT expects to receive net proceeds of $138.6m from the divestment.

Capitaland Ascott Trust (CLAS) will divest Citadines Mount Sophia Singapore to an unrelated party for $148m and at 19.4% above book value.

In a bourse filing, the REIT said it expects to receive net proceeds of $138.6m and recognise a net gain of $14.6m from the divestment.

CLAS expects to complete the divestment in 1Q24.

Including Citadines Mount Sophia Singapore, CLAS has divested $408.1m assets at a premium to book value in the last eight months.

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