Ascott Residence Trust Management Divests Six Rental Properties In Japan

Ascott Residence Trust Management, an indirect wholly-owned subsidiary of CapitaLand Limited, has announced the divestment of the trust beneficiary interest of six properties under ARC-CapitaLand Three Tokutei Mokuteki Kaisha’s portfolio.

The six properties include two properties each from the cities of Kyoto, Saga and Sendai with a consideration of JPY4.5 billion (equivalent to approximately $43.3 million).

The sale is in line with the group’s active asset management strategy to unlock the underlying value of the properties which offers limited growth and re-deploy proceeds in other higher yielding assets to enhance the group’s portfolio.

The properties are also more than 10 years old and are located in regional cities of Japan with limited potential upside; hence it is an opportune time for the group to divest these properties at an attractive price given the current strong demand for rental housing properties.

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