Ascott REIT divests Ascott Raffles Place for $353.3 mil; 64% above book value

Samantha Chiew
Samantha Chiew1/9/2019 05:47 PM GMT+08  • 1 min read
Ascott REIT divests Ascott Raffles Place for $353.3 mil; 64% above book value
SINGAPORE (Jan 9): Ascott Residence Trust (Ascott REIT) on Wednesday entered into a sale and purchase agreement to divest Ascott Rafles Place Singapore for a consideration of $353.3 million.
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SINGAPORE (Jan 9): Ascott Residence Trust (Ascott REIT) on Wednesday entered into a sale and purchase agreement to divest Ascott Rafles Place Singapore for a consideration of $353.3 million.

The buyer is said to be investor Cheong Sim Lam, whose family developed International Plaza and the Hyatt Regency Singapore.

Located at 2 Finlayson Green, the consideration is at a 64% premium over the independent valuation of the property of $215 million as at Dec 31.

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