Hot on the heels of signing its
first property in Macau, Ascott has now also extended its
footprint in Europe, with a property in Frankfurt, Germany’s
financial and transportation hub.
Ascott will invest €28 million (approximately
Sin$50 million) to acquire the 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.
Citadines Messe Frankfurt will be developed on a
site located in the city centre and across from 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.
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.
Facilities will include 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.
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
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.”
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.
The new 165-unit Citadines Messe Frankfurt
increases Ascott’s Europe portfolio to over 5,300 apartment units
in 48 properties across 22 cities.
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