Investor Presentaiton
France
Strong underlying performance boosted rental income, outlook remains positive
8% of total assets, 8% of 2H 2022 gross profit: 16 SRS under master leases
8.6
Revenue (EUR 'mil)
+16%
10.0
2H 2021
2H 2022
2H 2022 revenue and gross profit was 16% and
14% higher y-o-y respectively mainly due to
stronger underlying performance resulting in
higher rental income, and the acquisition of
La Clef Tour Eiffel Paris in Nov 2022
In 4Q 2022, the average occupancy of the France
portfolio was healthy at c.80%, with higher ADR
surpassing pre-Covid levels in 4Q 2019
• Demand for the quarter reflected a mix of leisure
and corporate long-stay and group bookings;
no reduction in corporate travel budgets observed
thus far
•
.
Citadines Les Halles Paris will undergo
refurbishment from 2Q 2023, with the capex
largely borne by the master lessee; the
property will remain operational and continue to
receive rent during the refurbishment
Outlook for 1Q 2023 remains positive despite it
being a seasonally quieter period; Paris
properties are expected to show stronger
performance on leisure demand, coupled with
bookings from cultural groups and corporate
long stays
CapitaLand Ascott Trust
Investor Presentation
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