Among the noteworthy deals of the past week is CapitalLand
Ascott Trust’s sale of two properties in Sydney to Silversea Investments.
Silversea Investments is acquiring from Singapore’s
CapitaLand Ascott Trust (CLAS) two mature hotels in Sydney – the Courtyard by
Marriott Sydney-North Ryde and Novotel Sydney Paramatta for A$109 million. CLAS
said the two properties will be divested at about 5% above book value and
net proceeds of the divestment is expected to be A$98 million. The exit
yield is 4.4% and CLAS will recognize a net gain of A$14.2 million. The
divestment of these two properties outside of central Sydney is part of our
active portfolio reconstitution strategy. CLAS said it remains focused on
assets that offer better yields and will further uplift the value for its
portfolio.
To download our list of deals from the past week in Excel
format, click here.