Europe is a key market for Ascott in its international expansion. With this acquisition, we are on track to achieve 7,000 apartment units in Europe by 2015.
Frankfurt, Germany (PRWEB) May 04, 2011
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has extended its footprint to Frankfurt, Germany’s financial and transportation hub. Ascott will invest €28 million (approximately S$50 million) to acquire a turnkey serviced residence property which is slated to open in 2014. This follows the company’s expansion into Germany’s second largest city, Hamburg, in January when it signed a sale and purchase agreement for Citadines St Michaelis Hamburg. The new 165-unit Citadines Messe Frankfurt increases Ascott’s Europe portfolio to over 5,300 apartment units in 48 properties across 22 cities.
Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Europe is a key market for Ascott in its international expansion. With this acquisition, we are on track to achieve 7,000 apartment units in Europe by 2015. Germany is Europe’s largest and strongest economy where we already have properties in Berlin, Munich and Hamburg. Expanding into Frankfurt will allow us to tap the strong demand for quality accommodation and extend our network of properties in Germany. Frankfurt is Germany’s financial and transportation hub where many global companies such as PricewaterhouseCoopers, BNP Paribas and J.P. Morgan are located. It is also one of Europe’s leading cities for international and regional trade fairs, attracting millions of visitors each year. Besides building upon our strong presence in Germany, Paris and London, we will also look for opportunities to expand into Central and Eastern Europe.”
Citadines Messe Frankfurt will be developed on a site strategically located in the city centre and across the renowned Frankfurt Messe Trade Fair Area. It will be surrounded by numerous retail and commercial developments including the landmark Messeturm skyscraper office tower and Skyline Plaza, an integrated development comprising a congress centre, shopping mall and restaurants. The property will also be a short walk to the Frankfurt Central Railway Station which provides fast connections to major cities in Germany and Europe.
When completed, Citadines Messe Frankfurt will offer a range of apartments from studios to two-bedroom units to cater to the different lifestyle needs of both business and leisure travellers. Residents will enjoy amenities including meeting rooms, a fitness centre, business centre and breakfast lounge. Those who wish to prepare a meal in their apartments will also be able to pick up items from the property’s grocery corner.
With the addition of Citadines Messe Frankfurt, Ascott has over 550 apartment units across four properties in Germany. Ascott currently operates two properties in Germany - the 118- unit Citadines Kurfürstendamm Berlin and 146-unit Citadines Arnulfpark Munich. The 128- unit Citadines St Michaelis Hamburg is slated to open in 2013.
About The Ascott Limited
The Ascott Limited is the world’s largest international serviced residence owner-operator with over 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 5,000 units which are under development, making a total of more than 27,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 13 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific’s first international-class serviced residence in 1984. It also established the world’s first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include DestinAsian Readers’ Choice Awards 2011 ‘Best Serviced Residence in Asia Pacific’, Business Traveller UK Awards 2010 ‘Best Serviced Apartment Company’, Business Traveller Asia-Pacific Awards 2010 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence in Asia-Pacific’, TTG Travel Awards 2010 ‘Best Serviced Residence Operator’ and TTG China Travel Awards 2010 ‘Best Serviced Residence Operator in China’.
About CapitaLand Group
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in
Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.