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The Ascott Limited (Ascott), CapitaLand’s wholly-owned serviced residence arm, on Thursday (28 April) announced that it is acquiring a 108-unit prime property in Islington, London through a serviced residence global fund with Qatar Investment Authority (QIA).
The property, Citadines Islington London, is the 50:50 US$600 million fund’s third acquisition in less than five months, following the acquisition of two properties in Paris and Tokyo in November last year.
“The addition of Citadines Islington London will strengthen Ascott’s position as one of the largest international serviced residence operators in Europe, with an asset size of over S$1.5 billion,” said Ascott chief executive officer Lee Chee Koon, adding that Ascott’s portfolio in the region will increase to more than 5,300 units in 45 properties across France, United Kingdom, Belgium, Germany, Georgia and Spain.
“We aim to double our portfolio in Europe to 10,000 units by 2020,” he said.
Citadines Islington London will be part of Islington Square, an integrated development developed by Sager Group. Islington Square will comprise 263 new homes and 170,000 square feet of retail and leisure facilities.
The serviced residence is scheduled to open in 2019.
Image: Artist’s impression of Citadines Islington London
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg