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Ascott Residence Trust to sell Citadines serviced residences in Montparnasse Paris

The real estate investment fund Ascott Residence Trust will sale 2 residences from its portfolio, including Citadines Didot Montparnasse Paris for 23.6 million euros.

Singapore-based Ascott Residence Trust ("ART") listed real estate investment fund has agreed the sale of the Citadines Didot Montparnasse Paris residence, included 80 apartments, and the Ascott Guangzhou residence in China, of 207 apartments, to respectively 2 unrelated companies, for a total of SGD 191.4 millions (€ 118.5 million).

ART is expected to achieve total net gains estimated at approximately SGD 23.2 million (€ 4.4 million) when the two transactions are completed, including SGD 3.8 million (€ 2.4 million) from the Paris agreement and SGD 19.4 million (€ 12 million) from the Guangzhou agreement.

For the Parisian residence, the sale price is € 23.6 million (SGD 36.4 million), or approximately 69% above the property's book value and around 60.4% above the acquisition price in 2010. This transaction should be concluded at the end of 2020.

The Citadines Didot Montparnasse Paris benefits from the vicinity of Montparnasse station and  Paris Porte de Versailles exhibition park.

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