Serviced residence specialist The Ascott Limited has expanded its presence in Germany with a EUR 28 mln investment in Frankfurt. Ascott, a wholly owned unit of Singapore-listed CapitalLand, announced on Wednesday that it is acquiring a turnkey serviced residence property which is scheduled to open in 2014.
Serviced residence specialist The Ascott Limited has expanded its presence in Germany with a EUR 28 mln investment in Frankfurt. Ascott, a wholly owned unit of Singapore-listed CapitalLand, announced on Wednesday that it is acquiring a turnkey serviced residence property which is scheduled to open in 2014.
The new 165-unit Citadines Messe Frankfurt increases Ascott's Europe portfolio to over 5,300 apartment units in 48 properties across 22 cities. Citadines Messe Frankfurt is to be developed on a site in Frankfurt city centre near to the 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.
The Frankfurt deal 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.
Ascott CEO Lim Ming Yan: '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.'
