Serena Teo, CEO of the manager, says: “We continually reconstitute CLAS’s portfolio by divesting mature properties such as Somerset Olympic Tower Tianjin and redeploying the proceeds towards more optimal uses.”
CapitaLand Ascott Trust (CLAS) has entered into an agreement to divest Somerset Olympic Tower Tianjin in China to an unrelated third party.
Somerset Olympic Tower Tianjin, which comprises 185 units, is expected to be divested at above book value.
