CapitaLand’s wholly-owned subsidiary, The Ascott, has acquired prime properties in Paris, France for 65 million euros or about S$118.4 million.
It has acquired 100 per cent shareholding in SNC Costes K, which owns the prime Hotel K, and an adjacent vacant residential property in Paris.
After the acquisition is completed, Ascott will combine and transform the freehold properties into a premium serviced residence to be named Ascott Arc de Triomphe Paris.
When it begins operations in June this year, it will be the first serviced residence to open in France under the exclusive Ascott brand.
The residence is within walking distance to many leisure and tourist attractions, including the Arc de Triomphe, Eiffel Tower and Theatre National de Chaillot.
The new 106-unit serviced residence increases Ascott’s Europe portfolio to over 5,400 apartment units in 49 properties across 22 cities.
Combined with Ascott’s previous acquisitions in Germany last month, the firm has invested S$203 million in Europe in the first four months of this year.
Source : Channel NewsAsia – 10 May 2011