29 Annual Report 2025 1 Valuation relates to the 1,264 units owned by CLAS. 2 Source: Travel and Tour World (2025). 3 Source: Lemonde (2026). 4 Source: Hospitality On (2026). 5 Source: Tornos News (2026). France France is one of CLAS’ key markets, contributing 8% to total gross profit for FY 2025. CLAS owns 12 freehold serviced residences in France. The properties are under master leases, with remaining lease terms ranging between one to 10 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. Operational Updates France experienced another strong year in 2025, with international visitor arrivals projected to exceed 100 million2. The growth builds on the record inflows achieved in 2024, which were bolstered by the Paris Olympics Games. Despite the high base effect, visitor numbers in Paris increased by nearly 3% YoY in 20253, while industry RevPAR grew by 4.4% YoY4, underscoring the strength of demand in the French capital. Total revenue for CLAS’ France portfolio increased 1% YoY in EUR terms in FY 2025. The improvement was driven primarily by rent indexation and higher variable rent, reflecting stronger operating performance. The higher revenue was partially offset by the refurbishment of Citadines République Paris, which was ongoing from 2Q 2025 to 4Q 2025. In 2026, France is expected to maintain its leadership position as one of the world’s top travel destinations, with international arrivals projected to stabilise above the 100 million visitor level5. The outlook for CLAS’ France portfolio remains healthy, supported mainly by transient demand. The phased renovation of Citadines Place d’Italie Paris is scheduled to take place from 1Q 2026 to 1Q 2027. As CLAS’ France properties are under master leases, the fixed rent component provides income stability and downside protection. 12 Properties 1,266 Units S$35.1M Total Revenue (FY 2025) S$31.8M Total Gross Profit (FY 2025) S$646.5M1 Valuation (as at 31 Dec 2025) ▲ Featured property: Citadines République Paris, France Key Market
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