Here's how Ascott REIT could milk gains from Somerset units sell-off

Plans to sell 81 units of Beijing asset.

According to DBS, Ascott REIT is considering the strata sale of its stake in 81 units at Somerset Grand Fortune Garden Beijing for an estimated consideration of up to Rmb 628m (S$128.1m).

Here's more from DBS:

The property comprises 221 units, out of which 81 units are owned by the REIT. The selling price represents c.2.6x of its latest recorded book value (S$48.2m) and implies an exit yield of c1.6%. Ascott REIT will achieve a return in excess of S$79.9m above book (net gain of S$36.9m) upon completion.

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