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Ascott REIT has completed its acquisition of majority stakes in Citadines Michel Hamburg and Citadines City Centre Frankfurt (pictured) (Photo: Citadines Apart’Hotel).
Ascott Residence Trust (Ascott REIT) has simultaneously completed the acquisition of majority stakes in two existing serviced residences in Germany on Tuesday (2 May), revealed an SGX filing released on the same day.
The properties are known as Citadines Michel Hamburg and Citadines City Centre Frankfurt.
In March 2017, Ascott REIT announced that it will purchase its first property in Frankfurt and its second in Hamburg from The Ascott Limited (Ascott) for a total of €65.4 million (S$97.2 million).
In particular, the trust has secured an effective stake of 93 percent in the serviced residence located at Ludwig-ErhardStraße 7, 20459 Hamburg, as well as a similar stake in the property situated at EuropaAllee 23, 60327 Frankfurt am Main.
Following the completion of the deal, Ascott REIT’s wholly-owned subsidiary has purchased 94 percent of the issued shares in both Citadines Investments B.V. and Citadines (Netherlands) B.V.
These entities respectively hold a 99 percent interest in Citadines Hamburg Michel GmbH & Co. KG and Citadines Europaviertel (Frankfurt) GmbH & Co. KG, the respective owners of Citadines Michel Hamburg and Citadines City Centre Frankfurt.
This article was edited by Denise Djong.
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