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Ascott expands in Germany with acquisition in Frankfurt

Friday 22, April 2011

 

Ascott expands in Germany with acquisition in Frankfurt

 

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.”

 

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.

 

 

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