CapitaLand Ascott Trust (CLAS) has sold four properties in France for €44.4m.

The properties are Citadines Croisette Cannes, Citadines Prado Chanot Marseille, Citadines Castellane Marseille and Citadines City Centre Lille.

The company said the transactions were finalised at 63% above book value and net proceeds of the divestment was approximately €34.1m.

Post-divestment, CLAS has 12 properties in France.

Serena Teo, CEO of CapitaLand Ascott Trust Management and CapitaLand Ascott Business Trust Management said proceeds from the divestment would be used for enhancement capital expenditure on other CLAS assets in Europe.

“It will also be used to partially finance CLAS’s recent proposed acquisition of three prime lodging assets in the capital cities of London, Dublin and Jakarta.

“Over the past three years, we have successfully divested properties at a premium to book value and invested the proceeds in higher-yielding assets, increasing our total distribution,” said Teo.

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