France is one of CLAS’ key markets, contributing 8% to total gross profit for FY 2024. CLAS owns 12 freehold serviced residences in France. The 12 properties are under master leases, with remaining lease terms ranging between two to 11 years. 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, within 10-minutes’ walk from the historic centre of La Surdouée and its famous Place de La Comédie, and Polygone Shopping Centre. Key Market France OPERATIONAL UPDATES France experienced a record year for inbound international tourism in 2024, receiving over 100 million international visitors and EUR71 billion in tourism revenue, a 2% and 12% increase respectively from 20232. The robust performance was boosted by the 2024 Paris Olympics, which took place over 19 days in July and August. Visitor numbers in France during the Olympics period rose 13% to 1.7 million compared to the same period the year before3. Notably, Paris visitor numbers were up 26% YoY to 1.4 million2 and RevPAR of hotels in Paris grew 200% during the Olympics4. The Olympics also provided a positive flowthrough impact and attracted more transient travellers during the year-end holiday season. Total revenue for CLAS’ France portfolio increased 4% YoY in EUR terms in FY 2024, mainly due to higher revenue from the 11 master leases which were renewed in December 2023, January 2024 and October 2024. Seven of the 11 leases have renewed rent terms which are based on 1 Valuation relates to the 1,264 units owned by CLAS. 2 Source: Campus France (2025) 3 Source: The Associated Press (2024) 4 Source: STR (2024) Properties 12 Total Revenue (FY 2024) S$34.2M Total Gross Profit (FY 2024) S$31.1M Units 1,266 Valuation (as at 31 December 2024) S$573.0M1 Featured property: Citadines Les Halles Paris, France 29 Annual Report 2024
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