Ascott increases presence in Germany

CapitaLand’s wholly-owned subsidiary, The Ascott has extended its footprint to Frankfurt, Germany’s financial and transportation hub.

It will invest S$50 million to acquire a turnkey serviced residence property in the city, 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.

The project will be developed on a site strategically located in the city centre and across 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.

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.

Source : Channel NewsAsia – 19 Apr 2011

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