OPERATIONS REVIEW FRANCE 12 PROPERTIES S$29.8 million TOTAL GROSS PROFIT (FY 2023) S$568.0 million VALUATION (as at 31 December 2023) S$33.1 million TOTAL REVENUE (FY 2023) 1,264 UNITS La Clef Tour Eiffel Paris KEY MARKET France is one of CLAS’ key markets, contributing 9% to total gross profit for FY 2023. Following the divestment of four regional France properties in September 2023, CLAS now owns 12 freehold serviced residences in France. All the 12 properties are under master leases, with remaining lease terms ranging between less than a year to 12 years. Three of the master leases are due for renewal in 2024. 10 of the serviced residences are in the French capital of Paris, and the remaining two are in the cities of Lyon and Montpellier. The properties in Paris are located near iconic landmarks such as the Eiffel Tower, The Louvre, Notre Dame, Arc de Triomphe and the shopping street of Champs-Élysées. Citadines Presqu’île Lyon is located on the Lyon peninsula, within minutes of Place Bellecour, Passerelle du Palais de Justice and Old Lyon. Citadines Antigone Montpellier is located in the famous Antigone district, in the centre of Montpellier. The historic centre of La Surdouée and its famous Place de La Comédie, and Polygone Shopping Centre are just a 10-minute walk away. 2023 REVIEW France's GDP is forecasted to have increased by 0.9% in 2023, compared to a growth of 2.6% in 2022, as high inflation and tighter financial conditions weighed on growth despite government support measures and a favourable labour market1. In 2023, France remained an attractive destination for travellers, recording approximately EUR59 billion in tourism receipts for the first 11 months of 2023, a 9% increase from the same period a year ago and an increase of 3% from the same period in 20192. This was attributed to an increase in travellers from North America and neighbouring European countries, a positive impact from the Rugby World Cup and a gradual return of travellers from Asia Pacific. The Rugby World Cup in September saw a 39% YoY increase in nights booked by international travellers in the nine host cities during the competition period, with majority of growth contributed by long-haul travellers from Australia, Japan, Argentina and South Africa3. 1 Source: European Commission (2024) 2 Source: Campus France (2023) 3 Source: Atout France (2023) 4 Source: Bloomberg (2023) 50 CAPITALAND ASCOTT TRUST
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