CapitaLand Ascott Trust (HMN) announced on May, 15 2026 that it has deployed an additional 7.7 million Singapore dollars from its 2023 equity fund-raising exercise toward renovation and rebranding costs for The Cavendish London.

The trust has now applied a total of 231.5 million Singapore dollars out of the 303.1 million Singapore dollars raised. Key allocations include: • 170.2 million Singapore dollars to partly fund acquisition costs. • 19.9 million Singapore dollars for the refurbishment of Citadines Holborn-Covent Garden London. • 24.4 million Singapore dollars for debt repayment. • 4.4 million Singapore dollars for works at Novotel Sydney Central. • 4.9 million Singapore dollars for professional and other fees linked to the equity raise.

Of the original amount earmarked for the extension and renovation of Novotel Sydney Central, 78.4 million Singapore dollars was reallocated in Dec, 31 2025 to finance CapitaLand Ascott Trust’s 50% share of upgrades at The Cavendish London, with 7.7 million Singapore dollars now drawn.

The managers said they will issue further updates when the remaining proceeds are materially utilised.