Capitaland Ascott Trust (CLAS), a Singapore-listed lodging trust, announced that it will divest The Robertson House by The Crest Collection in the city-state for S$360 million (about $280 million).
The 336-unit hotel is being sold to an unrelated third party at 4% above its book value and at an exit yield of 2.3%, according to a company statement.
The planned divestment comes as CLAS seeks to recycle capital into higher-yielding assets and ongoing redevelopment projects.
CLAS expects net proceeds of about S$341.7 million and a net gain of around S$38.1 million from the transaction, which is slated for completion in the third quarter of 2026.
The deal values the property at close to S$1.1 million per key, chief executive officer Serena Teo said, adding that the divestment reflects the trust’s “disciplined approach to portfolio reconstitution”.
“We will continue to pursue value-accretive opportunities in Singapore and other developed markets to strengthen the resilience of our portfolio,” Teo said.
The proceeds may be redeployed into higher-yielding properties, asset enhancement initiatives, debt repayment and general corporate purposes, per the announcement.
CLAS said Singapore remains a core market even after the sale.
Following the divestment, the trust will retain four lodging assets in the city-state, including Somerset Clarke Quay Singapore, which is undergoing redevelopment and is expected to be completed by end-2026.
The 192-unit serviced residence is projected to begin contributing income progressively from early 2027.
CLAS said its Singapore portfolio posted a 2% year-on-year increase in revenue per available unit in the first quarter of 2026, supported by higher occupancy.
The trust also has four asset enhancement projects underway across France, the UK, Japan and the United States between 2026 and 2027, including works on properties in Paris, London, Osaka, and New York.
As of March 31, 2026, CLAS had assets under management of S$8.9 billion. Its portfolio spans 106 properties across 45 cities in 16 countries.
