Ascott Reit sells Somerset Gordon Heights Melbourne

The approximately S$15.6 million divestment is expected to be completed in the second quarter of 2012.

Ascott Reit is expected to realise a net gain of approximately S$0.3 million.

Mr Lim Jit Poh, Ascott Residence Trust Management Limited’s Chairman, said the divestment of Somerset Gordon Heights is in line with the strategy to actively manage Ascott Reit’s portfolio. He noted that the sale proceeds will be primarily used to repay existing loans.

Somerset Gordon Heights is located within the Central Business District within the heart of Melbourne city. The serviced residence is a freehold property that comprises 43 apartment units with net lettable area of 1,691 square metres.