CapitaLand Ascott Trust - Maybank Research 2025-07-31: Unlocking Value With Accretive Divestment Of Mature Asset In Tokyo

• In an interested person transaction, CapitaLand Ascott Trust will be divesting a freehold serviced residence in Shinjuku, Tokyo at 100% premium to book and exit EBITDA yield of 3.2%. Net divestment gain will enhance financial/working capital flexibility and also will be used to recycle capital into the living sector in Japan.

Proactive portfolio reconstitution.

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• The property has been in operation since 2009 and was fully acquired in 2014 for S$182.4m at an entry NPI yield of ~4.5%. According to management, the property hasn’t undergone any major renovation since acquisition. As such, it has become dated and will require substantial capex of S$40-50m and temporary closure to enhance operational performance.
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Gaining financial flexibility, delivering accretion.

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2025-07-30 CapitaLand Ascott Trust - Consistent Performance; Stable Core Distribution.

Price targets by 3 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 Dividend Payout Dates & Corporate Actions,
CapitaLand Ascott Trust News