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Ascott eyes 10,000 apartment units in Europe by 2020

The Citadines Paris Louvre serviced apartment in Paris, France.

THE Ascott, CapitaLand's wholly owned serviced residence business unit, on Monday announced its target of 10,000 apartment units in Europe by 2020, to mark the 50th anniversary of trade relations between Singapore and France.

Ascott reaffirmed its commitment to the European market during a visit by Singapore President Tony Tan Keng Yam to its newly opened Citadines Suites Arc de Triomphe Paris.

Since Ascott acquired the pan-European Citadines apart'hotel chain in 2002, it has become one of the largest Singapore companies to invest in the hospitality industry in France, the company said in an announcement before the stock market opened.

Ascott added that it has invested more than S$1.5 billion to acquire the Citadines apart'hotel chain and another eight properties, and to refurbish 33 properties in Europe by end-2016.

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In Europe, Ascott currently manages 42 properties with over 5,000 apartment units in six countries: Belgium, France, Germany, Georgia, Spain and the United Kingdom. In France, Ascott operates 16 properties in Paris and 11 in the regional cities.