Ascott Expands Into Germany's Second Largest City, Hamburg
Europe, 13 January 2011 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded into Germany’s second largest city, Hamburg. Ascott has signed a sale and purchase agreement for a turnkey development from GBI, one of the largest hospitality developers in Germany. Slated to open in 2013, the 128-unit Citadines St Michaelis Hamburg increases Ascott’s Europe portfolio to over 5,100 apartment units in 47 properties across 21 cities.
Mr Tan Choon Kwang, Ascott’s Managing Director for Europe, said: “Europe is a key market for Ascott to grow to achieve our global target of 40,000 apartment units by 2015. Our focus is to build upon our strong presence in France, Germany and the United Kingdom. Germany is the largest and strongest economy in Europe.  Hamburg has been rated one of the top three cities in Europe for real estate investment by PricewaterhouseCoopers. It is a major trade and transport hub with around 20,000 multinational companies and many convention centres and tourist attractions. Our new Citadines property will cater to travellers who visit Hamburg for business and holiday and those who attend major trade fairs and conferences in the city.”
Citadines St Michaelis Hamburg will be developed on a site with a prime location at the junction of three strategic areas in Hamburg – the city centre; HafenCity, an up-and-coming commercial, retail and entertainment district; and Reeperbahn, the city’s most popular tourist area. The serviced residence will be next to St Michaelis, a renowned church and landmark of Hamburg. It will be surrounded by the offices of many multinational companies such as KPMG, Ernst & Young, Deloitte and Unilever. The metro and tramway stations will be less than a five-minute walk away from the property.
When completed, Citadines St Michaelis Hamburg will feature studios and one-bedroom apartments to cater to the different lifestyle needs of travellers. All apartments will provide a fully-equipped kitchen, en-suite bathroom and separate living and work areas. Travellers will enjoy amenities including a meeting room, business centre, gymnasium and breakfast lounge. There will also be a grocery corner for residents to pick up items to prepare a meal in their apartment.
With the addition of Citadines St Michaelis Hamburg, Ascott has over 390 apartment units across three properties in Germany. Ascott currently operates two properties in Germany - the 118-unit Citadines Kurfürstendamm Berlin and 146-unit Citadines Arnulfpark Munich.
 Sources: Dow Jones Newswires, 7 January 2011 and Bloomberg, 29 December 2010.
About The Ascott Limited
The Ascott Limited is the world's largest international serviced residence owner-operator with over 21,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 5,000 units which are under development, making a total of more than 27,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 11 of which are new cities in Ascott's portfolio where its serviced residences are being developed.
Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. It also established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust, in 2006. Today, the company boasts a 27-year industry track record and serviced residence brands that enjoy recognition worldwide.
Recent awards include TTG Travel Awards 2010 'Best Serviced Residence Operator', Business Traveller UK Awards 2010 'Best Serviced Apartment Company', Business Traveller Asia-Pacific Awards 2010 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', TTG China Travel Awards 2010 'Best Serviced Residence Operator in China' and DestinAsian Readers' Choice Awards 2010 'Best Serviced Residence in Asia Pacific'.
About CapitaLand Group
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.