- CapitaLand Ascott Trust has entered into an agreement to acquire the 329-room lyf Funan at an agreed property value of S$263m, which represents 1.9% discount to independent valuations. Sponsor The Ascott Limited owns 50% of lyf Funan.
Value creation from asset recycling.
- - Read this at SGinvestors.io -
- The property provides EBITDA yield of 4.7%, which is 1.5ppt higher than the exit EBITDA yield of 3.2% from divestment of Citadines Mount Sophia completed in Mar 24.
lyf Funan is tailored for the next-generation travellers.
- It caters to social living with its dynamic design and well-curated programmes. It caters to a wide range of guests from short to extended stays. lyf Funan has outperformed comparable properties in its sub-market by achieving occupancy of more than 80% in 1H24.
- - Read this at SGinvestors.io -
Funded through divestment and draw down of debt.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-10-02
Read also UOB's most recent report:
2024-10-14 CapitaLand Ascott Trust - Expert In Capital Recycling.
Price targets by 4 other brokers at CapitaLand Ascott Trust Target Prices.
Listing of research reports at CapitaLand Ascott Trust Analyst Reports.
Relevant links:
CapitaLand Ascott Trust Share Price History,
CapitaLand Ascott Trust Announcements,
CapitaLand Ascott Trust Dividends & Corporate Actions,
CapitaLand Ascott Trust News Articles
