Ascott Residence Trust has divested its 100%-owned subsidiary, Somerset Xu Hui Shanghai, for a consideration of RMB1.05 billion ($215.6 million) to an unrelated third-party on Feb 9.

The consideration, which was arrived at on a willing buyer willing seller basis, valued the property value at 171% above its book value.

After providing for related fees related to the transaction, ART expects to gain net proceeds of RMB536.6 million. This may be used to pare down the trust’s debts, fund potential acquisitions, or other general corporate purposes.

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