Capitaland: Its landmark Ascott Raffles Place reported to be up for sale discreetly. The price expected for the 999 yr leasehold bldg, which has 146 serviced residences, is to be US$250m. Ascott Residence Trust has the right of first refusal and any sale will come with a mgmt contract for Capitaland to cont managing the property likely for 10 yrs...
The bldg was acquired in 2006 for nearly S$110m and a further S$60m was spent sprucing it. Ascott Limited, Capitaland’s service residences arm made up 15.6% of grp’s 3Q rev.
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