42 CapitaLand Ascott Trust Operations Review CLAS owns five serviced residences in Germany under master leases, with remaining lease terms varying between six and 22 years, including the extension period at the lessees' option. Most of the master leases come with fixed rent terms and annual indexation to the German CPI index. This allows CLAS to receive higher rents in an inflationary environment. Citadines Arnulfpark Munich is a 146-unit freehold property located in the Westend, a vibrant area known for its mix of residential, commercial, historical and cultural spaces. The property is well-connected to the rest of the city and is a short drive to Olympia Shopping Centre, one of Munich’s main shopping malls. Citadines City Centre Frankfurt is a 165-unit freehold property that is located in the city centre, surrounded by numerous retail and commercial developments, and a 10-minute drive to the Financial District. Citadines Kurfürstendamm Berlin is a 117-unit freehold property located near Kurfürstendamm, an upscale commercial and retail neighbourhood. Citadines Michel Hamburg, a 127-unit leasehold property and The Madison Hamburg, a 166-unit freehold property, are both strategically located near Hamburg city centre. In FY 2025, revenue for the Germany portfolio in EUR terms increased 4% YoY, mainly due to higher variable rent from one of the properties. Gross Rental Income (EUR’000) FY 2025 FY 2024 Properties under Master Lease Citadines Arnulfpark Munich 1,708 1,694 Citadines City Centre Frankfurt 2,541 2,487 Citadines Kurfürstendamm Berlin 1,004 1,073 Citadines Michel Hamburg 2,122 2,076 The Madison Hamburg 3,808 3,518 Germany 5 Properties 721 Units S$17.3M Total Revenue (FY 2025) S$16.3M Total Gross Profit (FY 2025) S$262.3M Valuation (as at 31 Dec 2025) ▲ Featured property: Citadines Kurfürstendamm Berlin, Germany
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