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Ascott Raffles Place divestment in line with market & legal practices, maintains REIT manager

Michelle Zhu
Michelle Zhu1/22/2019 11:24 AM GMT+08  • 2 min read
Ascott Raffles Place divestment in line with market & legal practices, maintains REIT manager
SINGAPORE (Jan 22): The manager of Ascott Residence Trust (Ascott REIT) has filed a clarification letter to the Singapore Exchange (SGX) in response to a letter published in the forum of The Straits Times on Monday, which questioned the gap between the va
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SINGAPORE (Jan 22): The manager of Ascott Residence Trust (Ascott REIT) has filed a clarification letter to the Singapore Exchange (SGX) in response to a letter published in the forum of The Straits Times on Monday, which questioned the gap between the valuation and buyout amount of Ascott Raffles Place.

To recap, Ascott Raffles Place is being sold to a private investor at a consideration of $353.3 million, which represents a 64.3% premium over its independent valuation of $215 million as at Dec 31.

In the published letter, Straits Times reader Tan Chor Yong took issue with the valuation discrepancy, which he claims to be “a serious red flag that something is amiss in the [divestment] process”.

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