Ascott parent sells stake in India project

George Sell George Sell Uploaded 14 March 2018

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Singapore: CapitaLand, the parent company of The Ascott Ltd, has divested its stake in India's Citadines Ahmedabad Aparthotel (CAA) for about S$10.8 million ($8.22 million).

Singapore: CapitaLand, the parent company of The Ascott Ltd, has through two subsidiaries divested its entire stake in India's Citadines Ahmedabad Aparthotel (CAA) for about S$10.8 million ($8.22 million).

CAA owns a land parcel In India's Ahmedabad city, which has no development activities, CapitaLand said in an exchange filing.

"The sale is part of CapitaLand's strategy to enhance capital productivity and strengthen CapitaLand's capability to pursue other projects which will generate returns for its shareholders," the filing added.

 Ascott is planning to have around 1,600 properties operating in India by 2021.

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