Ascott Residence Trust Divests Somerset Xu Hui Shanghai At RMB 1,050 Million

• Ascott Residence Trust (ART) today announced the divestment of Somerset Xu Hui Shanghai in China at RMB 1,050 Million (S$215.6 million^*) to an unrelated third-party.
• The divestment is at 171% above the property’s book value. 
• Net proceeds of the divestment is approximately RMB 944.6 million (approximately S$193.9 million^*).
• ART will receive an estimated net gain of about RMB 536.6 million (S$110.2 million^*) upon completion of the divestment which is expected to be in 2Q 2021. 
• The divestment is part of ART's on-going portfolio reconstitution strategy to unlock strong underlying value of the property and redeploy proceeds to higher-yielding assets to enhance the returns of ART’s portfolio. 
• Completed in 1999, Somerset Xu Hui Shanghai is a 168-unit serviced residence conveniently located in a prime residential district of Shanghai. It is within a 15-minute walk from the business area of Huai Hai Zhong Road and the Shan Xi Nan Road metro station.
• In China, ART has five other properties which include Somerset Grand Central Dalian, Somerset Heping Shenyang and Somerset Olympic Tower Tianjin.

^{*Based on exchange rate of RMB 1 to S$0.2053}