CapitaLand/Ascott Reit: CapLand is selling 28 of its services residences to ART for $970m & in turn purchase ART’s Ascott Beijing for $2.14m. The divestment incl 26 properties in Europe & 1 each in Spore & Vietnam and will yield a net gain of $52.1m. Positive move is in line with CapLand’s capital recycling strategy, which enables group to re-invest proceeds in other projects. With its 47.7% stake in ART, CapLand will still enjoy income from these assets even after the sale.
Shares will be halted this morning, no mention yet of when trading will resume. Near term upside target at $4.15.
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