Singapore's Ascott sells London property for $114 mln
Fri Jul 13, 2007 6:26 AM BST
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SINGAPORE, July 13 (Reuters) - Singapore property firm Ascott Group (ASOT.SI: Quote, Profile , Research) said on Friday that it has sold its stake in a residential property in London for 56.1 million pounds ($114 million).
Ascott, a subsidiary of Southeast Asia's biggest property developer CapitaLand (CATL.SI: Quote, Profile , Research),said that it has sold its 50 percent stake in London's Somerset Bayswater to The Residential Land Group in the United Kingdom. The company said the sale represented a net gain of 5.8 million pounds after transaction costs.
"The divestment gain will enable Ascott to invest in higher-yield assets and high growth markets in Europe," Ascott's chief executive officer for Europe Gerald Lee said in the statement.
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