SINGAPORE (Jan 30): By a stroke of good fortune, coincidence or foresight, Ascott Residence Trust (ART) signed an agreement to divest of Citadines Xinghai Suzhou and Citadines Zhuankou Wuhan at a price more than 30% above their combined property book values representing net gains of $21.2 million, at an exit capitalisation rate of 3.7%. The sales and purchase agreement was signed in Dec 2019 and completes in 1HFY2020.

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