CAPITALAND’S wholly-owned serviced residence business unit, Ascott, has extended its footprint to Frankfurt, where it has acquired a turnkey serviced residence property slated to open in 2014.
Investing €28 million (US$40.4 million) into its latest buy, the new 165-unit Citadines Messe Frankfurt increases Ascott’s Europe portfolio to over 5,300 apartment units in 48 properties across 22 cities.
In January, the company had signed a sale and purchase agreement for Citadines St Michaelis Hamburg, scheduled to open in 2013.
CEO Lim Ming Yan 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.
“Besides building upon our strong presence in Germany, Paris and London, we will also look for opportunities to expand into Central and Eastern Europe.”
Located in the city centre across from the Frankfurt Messe Trade Fair Area, the Citadines will offer a range of apartments, from studios to two-bedroom units. There will also be amenities, including meeting rooms, a fitness centre, a business centre and a breakfast lounge.
