36 CapitaLand Ascott Trust Operations Review United Kingdom (UK) is one of CLAS’ key markets, contributing about 12% of the total gross profit for FY 2025. CLAS owns five properties in UK, all of which are under MCMGI. The Cavendish London is a 230-unit leasehold hotel in the exclusive Mayfair high-end shopping district of central London. The property is a five- to 10-minute drive from iconic attractions including Buckingham Palace, Big Ben, West End theatre, Piccadilly Circus and Hyde Park. The other four properties are freehold serviced residences located in London. Citadines South Kensington London is a 92-unit property situated close to embassies and the renowned shopping and dining districts of Chelsea and Knightsbridge. Citadines Barbican London is a 129-unit property situated close to the Barbican Arts Centre and Museum of London. Citadines Holborn-Covent Garden London comprises 192 units and is centrally located, close to the financial district of London. Citadines Trafalgar Square London is a 187-unit serviced residence located near key tourist attractions including Trafalgar Square, the National Gallery and River Thames. CLAS’ five UK properties have an average length of stay of less than one month. Operational Updates UK is estimated to have received 43.6 million inbound visits in 2025, representing a 2% increase over 2024, with international visitor spending rising to GBP33.4 billion, approximately 3% higher YoY1. Against this backdrop, London’s hotel market delivered a mixed but resilient performance2, anchored by strong event-driven demand3. The RevPAU of CLAS’ UK portfolio, which is concentrated in London, increased 5% YoY in GBP terms. This was primarily driven by the enhanced performance of Citadines Holborn-Covent Garden London after its renovation was completed in 3Q 2024. The property’s ADR in FY 2025 was over 40% higher than pre-renovation levels in FY 2022. Overall portfolio performance was supported by corporate and group demand, with major events such as the London Marathon and the DSEI Conference providing incremental uplift during event periods. United Kingdom 5 Properties 830 Units S$101.4M Total Revenue (FY 2025) S$45.7M Total Gross Profit (FY 2025) S$916.0M Valuation (as at 31 Dec 2025) 1 Source: VisitBritain (2026). 2 Source: Knight Frank (2025). 3 Source: CoStar (2025). Key Market ▲ Featured property: Citadines Holborn-Covent Garden London, United Kingdom
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