At Valuation Percentage of Stapled Securityholders’ funds Description of Property Location Tenure of Land Term of Lease Remaining Term of Lease Stapled Group CapitaLand Ascott REIT Group Stapled Group CapitaLand Ascott REIT Group 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 $’000 $’000 $’000 $’000 % % % % Balance brought forward 1,242,637 1,273,755 1,242,637 1,273,755 28.7 31.9 33.6 37.0 Germany Citadines Arnulfpark Munich(2) Arnulfstrasse 51, 80636 München Freehold Not applicable Not applicable Not applicable 38,892 35,205 38,892 35,205 0.9 0.9 1.1 1.0 Citadines City Centre Frankfurt(2) Europa-Allee 23, 60327 Frankfurt am Main Freehold Not applicable Not applicable Not applicable 55,811 54,608 55,811 54,608 1.3 1.4 1.5 1.6 Citadines Kurfürstendamm Berlin (2) Olivaer Platz 1, 10707 Berlin-Wilmersdorf Freehold Not applicable Not applicable Not applicable 22,412 20,170 22,412 20,170 0.5 0.5 0.6 0.6 Citadines Michel Hamburg(2) Ludwig-Erhard-Straβe 7, 20459 Hamburg Leasehold 99 years 87 years 88 years 50,537 43,616 50,537 43,616 1.2 1.1 1.4 1.3 The Madison Hamburg Schaarsteinweg 4, 20459 Hamburg Freehold Not applicable Not applicable Not applicable 87,358 70,778 87,358 70,778 2.0 1.8 2.4 2.1 Indonesia Ascott Jakarta(5) Jalan Kebon Kacang Raya No. 2, Jakarta 10230 Leasehold 30 years 30 years 1 year 53,771 54,570 53,771 54,570 1.2 1.4 1.5 1.6 Ascott Kuningan Jakarta(6) Ciputra World 1 Jalan Prof Dr Satrio Kav. 3-5 Jakarta 12940 Leasehold 30 years 3 years Not applicable 55,638 – 55,638 – 1.3 – 1.5 – Somerset Grand Citra Jakarta(5) Jalan Prof Dr Satrio Kav. 1, Jakarta 12940 Leasehold 20 years 21 years 2 years 34,188 33,497 34,188 33,497 0.8 0.8 0.9 1.0 Balance carried forward 1,641,244 1,586,199 1,641,244 1,586,199 37.9 39.8 44.5 46.2 (2) As at 31 December 2023, these 16 (31 December 2022: 20) investment properties are leased to related corporations under master lease arrangements. (5) The valuations of the Indonesia properties as at 31 December 2022 were based on the assumption that the lease will be renewed upon their expiry. (6) On 30 November 2023, the CapitaLand Ascott REIT Group acquired Ascott Kuningan Jakarta from Piatra Pte Ltd, a related corporation. The valuation was based on discounted cashflow method. The valuation of the property as at 31 December 2023 was based on the assumption that the lease will be renewed upon its expiry. The accompanying notes form an integral part of these financial statements. PORTFOLIO STATEMENTS As at 31 December 2023 176 CAPITALAND ASCOTT TRUST
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