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BRIEF-Capitaland announces proposed divestment of serviced residence properties to Ascott Residence Trust
March 6, 2017 / 1:41 PM / 8 months ago

BRIEF-Capitaland announces proposed divestment of serviced residence properties to Ascott Residence Trust

March 6 (Reuters) - Capitaland Limited

* Proposed Divestment Of Serviced Residence Properties To Ascott Residence Trust

* Announces divestment of serviced residence properties to dbs trustee limited, as trustee of ascott residence trust

* Divests Citadines Michel Hamburg, Germany for a cash consideration of eur 29.7 million

* Divests Citadines City Centre Frankfurt, Germany for a cash consideration of eur 35.7 million

* Completion of proposed divestments is expected to take place in may 2017

* Proposed divestments not expected to have any material impact on nta of Capitaland Group for fy ending 31 dec 2017

* Hamburg divestment to be carried out by sale by vendor to purchaser of 94% equity interest in citadines investments b.v.

* Frankfurt divestment to be carried out by sale by vendor to purchaser of 94% equity interest in Citadines (Netherlands) B.V. (“Cnbv”)

* Upon completion, cnbv and cibv will cease to be wholly owned subsidiaries of Capitaland

* Completion of proposed divestments is expected to take place in May 2017 Source text for Eikon: Further company coverage:

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