Ascott Residence Trust (SGX: A68U) entered into a conditional sale and purchase agreement to sell Somerset Gordon Heights (Melbourne) Pty Ltd for AUD 11.7 million on January 27, 2012. The first 10% of the consideration has been paid on signing of the agreement and the balance 90% will be paid on completion of the transaction. Ascott Residence Trust of Ascott Residence Trust Management entered into the agreement to sell after a closed tender conducted by an independent marketing agent. The sale is expected to be completed in the second quarter of the year 2012 after all the conditions have been satisfied or waived. The estimated net gain from the divestment will be AUD 0.2 million. The sale proceeds of AUD 11.7 million will primarily be used to repay existing loans. The transaction is not expected to have any material impact on the net tangible assets or earnings per unit of Ascott Residence Trust for the financial year ending December 31, 2012.