Capitaland: has divested Ascott Beijing, a 21-storey, 310 apartment unit building for cash consideration of $205.8m, which takes into account the NAV of HPL at $141.8m and outstanding sh/h loans of $64m..
Ascott Investments, fully owned by Capitaland sold off its stake in Hemliner Pte Ltd (HPL), which owns the property, to Splendid Wealth Group (SWG). SWG is fully owned by Ascott Serviced Residences China Fund (ASRCF). Capitaland's total carrying value of its investments in HPL was $80.5m.
Capitaland will now have a 36.1% interest in the property through ASRCF.
Assuming the divestment was completed on 1 Jan 2011, Capitaland’s EPS would increase to 3.1cts from 2.4cts.
Capitaland currently trades at 0.9X P/B
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