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Ascott REIT divests entire stake in Somerset West Lake Hanoi for $13.7 mil

Uma Devi
Uma Devi10/31/2019 07:13 PM GMT+08  • 1 min read
Ascott REIT divests entire stake in Somerset West Lake Hanoi for $13.7 mil
 
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SINGAPORE (Oct 31): Ascott Residence Trust (Ascott REIT) has divested its entire stake in The Ascott (Vietnam) Investments for a total consideration of US$10 million ($13.7 million).

The Ascott (Vietnam) Investments owns a 70% stake in West Lake Development, a Vietnamese project company. The remaining 30% is held by Hanoi Housing Development and Investment Corporation.

West Lake Development in turn wholly owns Somerset West Lake Hanoi, a serviced residence which was valued at $13.3 million as at June 30.

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