Hotel WBF Honmachi (Photo from CLAS' website)

CapitaLand Ascott Trust divests 3 hotels in Osaka, Japan for $99.8m

The trust will recognise a net gain of $10.1m from the divestment.

CapitaLand Ascott Trust (CLAS) will divest three of its hotels in Osaka, Japan, namely Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West, to an unrelated party for $99.8m (JPY10.7b).

In a bourse filing, CLAS said it expects net proceeds of $36.4m (JPY3.9b) and a net gain of $10.1m (JPY1.1b) from the divestment.

CLAS expects to complete the transaction in 1Q24.

Post-divestment, CLAS will have a portfolio of about 30 properties comprising serviced residences, hotels, rental housing and student accommodation properties in Japan.
 

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