Ascott Adds Munich To Global Footprint With Second Serviced Residence Property In Germany
Ascott’s portfolio will cover 49 cities in 21 countries when Munich property opens in 2009
Singapore, 29 June 2007 – The Ascott Group (Ascott) has signed a sale and purchase agreement with GBI Gesellschaft für Beteiligungen und Immobilien-Projektwicklung mbH & Co. KG (GBI), a German real estate developer. GBI will develop and sell to Ascott a serviced residence property in Munich for a total consideration of €21.78 million (S$45.05 million). The 146-unit serviced residence will be completed in the second half of 2009 and named Citadines Munich Arnulfpark.
The development is about 20 minutes’ walk from Marienplatz, the epicentre and shopping hub of Munich, and has easy accessibility to the airport and major points of interest in the city. The development will add to Ascott’s existing footprint in Germany and Europe and grow its global presence to 49 cities in 21 countries when the property opens.
Mr Lim Chin Beng, Ascott’s Chairman said: “Ascott is the largest international serviced residence company outside of the United States with presence in close to 50 cities and over 20 countries, where it operates three globally-recognised brands, Ascott, Somerset and Citadines. At present, out of Ascott’s total portfolio of 19,000 units including those under development, more than 5,000 units are located in Europe. Ascott is currently seeking suitable locations in Europe’s key gateway cities to enhance its presence. Going forward, Europe will continue to be a key market for the Group’s global expansion.”
Mr Liew Mun Leong, Ascott's Deputy Chairman, and President and CEO of its parent company CapitaLand Group said: “Ascott already has a significant presence in Europe as about a third of its total operating properties are located there. In Germany, it already has a presence in Berlin. Given the improving economic situation in Germany, Ascott intends to bolster its footprint by seeking suitable properties and locations in other key German cities. In addition, it intends to increase its European inventory from 5,000 units to 7,500 units by 2010, by strengthening its presence not only in existing cities where it has presence but also charting into emerging markets in Europe where the serviced residence sector is virtually untapped.”
Mr Cameron Ong, Ascott’s Managing Director and CEO said: “Munich, the third largest city in Germany, is a major hub for European and international traffic. Many Fortune 500 companies from information technology, financial services, biotechnology and pharmaceutical industries have their headquarters in Munich. It is also the country’s leading economic area and a major international trade fair and holiday destination. There is therefore a strong demand in the extended-stay market from travellers who visit the city for business, corporate meetings and trade fairs. Citadines Munich Arnulfpark which enjoys an excellent location will also be Ascott’s second Citadines-branded property in Germany. The property will enable us to tap on economies of scale and enhance the visibility of our Citadines brand in Germany.”
When completed, Citadines Munich Arnulfpark will be a 10-minute walk from the Central Railway Station, and within walking distance from Marienplatz. It will complement Ascott’s existing property in Berlin – Citadines Berlin Olivaer Platz.
The site of the property is also within Arnulfpark, a 18.5 ha (47 acres) site earmarked for a multi-purpose development project comprising 169,000 square metres for commercial development, 72,000 square metres for residential development and 5,000 square metres for cultural and entertainment activities. The whole Arnulfpark development is expected to be completed by 2011.
About The Ascott Group
The Ascott Group is the largest international serviced residence owner-operator outside the United States with over 19,500 serviced residence units in key cities of Asia Pacific, Europe and the Gulf region. This includes over 5,500 units which are under development.
The Group operates three brands – Ascott, Somerset and Citadines. Its portfolio spans 49 cities in 21 countries, eight of which are new cities where Ascott’s serviced residences are being developed. Ascott’s properties can be found in cities including London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai, Beijing and Hong Kong in Asia; Sydney, Melbourne and Auckland in Australia / New Zealand, as well as Dubai in the Gulf region.
The Ascott Group is headquartered in Singapore. It pioneered Asia Pacific's first branded luxury 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 Group boasts a 23-year industry track record and serviced residence brands that enjoy recognition worldwide.
The Ascott Group’s achievements have been recognised internationally. Recent awards include TravelWeekly Asia Industry Awards 2007 ‘Best Serviced Residence (Group)’, China 2007 ‘Top 100 Serviced Apartments Award’, Vietnam Economic Times 2006 ‘Golden Dragon Award’, The Asset’s 2006 ‘Triple A Country Award for Best Deal in Singapore’, Travel Weekly China 2006 ‘Best Serviced Residence’, Business Traveller China 2006 ‘Best Serviced Residence Brand in China’, TTG Travel 2006 ‘Best Serviced Residence’, 2006 World Travel Awards, Business Traveller Asia Pacific 2006 ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence’ awards. For a full list of awards, please visit: Awards and Accolades
Listed on the mainboard of the Singapore Exchange, The Ascott Group is the serviced residence arm of CapitaLand Limited, one of the largest listed real estate companies in Asia. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. The company's real estate and hospitality portfolio spans more than 90 cities in over 20 countries.
For more information on The Ascott Group’s property listings, visit Group Directory Listing.
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