OPERATIONS REVIEW SPAIN 1 PROPERTY S$4.9 million TOTAL GROSS PROFIT (FY 2023) S$71.7 million VALUATION (as at 31 December 2023) S$10.3 million TOTAL REVENUE (FY 2023) 131 UNITS Citadines Ramblas Barcelona CLAS owns a freehold serviced residence in Barcelona, Spain. The 131-unit property operates under a MCMGI and has an average length of stay of less than a month. Citadines Ramblas Barcelona is located on the La Rambla boulevard, an iconic entertainment district, and is a few metres away from Plaza Catalunya, one of the most visited destinations in Barcelona. The property enjoys good connectivity, with access to three metro stations, and is close to the main business areas of the city, making it a prime location for both business and leisure travellers. In FY 2023, the performance of Citadines Ramblas Barcelona exceeded the minimum guarantee level. RevPAU of the property grew by 45% YoY in EUR terms, on the back of higher occupancy and ADR. In 4Q 2023, RevPAU was 150% of pre-pandemic levels. GROSS RENTAL INCOME (EUR'000) FY 2023 FY 2022 Citadines Ramblas Barcelona 6,769 4,850 REVENUE PER AVAILABLE UNIT (EUR) FY 2023 FY 2022 Citadines Ramblas Barcelona 133 92 58 CAPITALAND ASCOTT TRUST
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