Ascott sets target of 10,000 apartment units in Europe by 2020
Singapore
THE Ascott, CapitaLand's wholly owned serviced residence business unit, on Monday said that it plans to almost double its apartment units in Europe by 2020, and that this could come through acquisitions.
It announced in a press statement its target of 10,000 apartment units in Europe in five years.
In Europe, Ascott currently manages 42 properties with more than 5,000 apartment units in six countries - Belgium, France, Germany, Georgia, Spain and the UK.
The announcement comes as it marked the 50th anniversary of trade relations between Singapore and France, where it operates 16 properties in Paris and 11 in regional cities.
Ascott said it has 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.
The 112-unit Citadines Suites Arc de Triomphe Paris is Ascott's latest property to open in Europe after a S$39 million revamp. It is Ascott's second serviced residence under the Citadines Suites label following the opening of Citadines Suites Louvre Paris near the Palais-Royal in April 2013.
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. Ascott added that it has invested more than S$1.5 billion to acquire the Citadines apart'hotel chain and another eight properties, and plans to refurbish 33 properties in Europe by end-2016.
Lee Chee Koon, Ascott's chief executive officer, said Europe remains one of the company's key markets.
"We will continue to deepen Ascott's presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott's target of 10,000 apartment units in Europe by 2020," Mr Lee said in the press release.
"We will expand through acquisitions of turnkey developments or existing buildings which we can convert into serviced residences, management contracts and franchises."
