Ascott opens new property, plans to acquire 10,000 European units by 2020

Visual from The Ascott website

The Ascott, the serviced residence business unit of Singapore-based CapitaLand, opened the Citadines Suites Arc de Triomphe Paris, as part of its celebrations to mark the 50th anniversary of Franco-Singapore trade relations. This deepens its footprint in the French market, where it operates 16 properties in Paris and 11 in the regional cities

In addition, Ascott has also disclosed its plan to acquire 10,000 apartment units in Europe by 2020. Since acquiring the pan-European Citadines apartment and hotel chain in 2002, it has grown to be one of the largest Singapore companies to invest in the French hospitality industry. To date, Ascott has invested more than S$1.5 billion ($1.13 billion) in acquiring and growing the Citadines brand.

Ascott currently manages 42 European properties, with more than 5000 apartment units distributed across six countries – Belgium, France, Germany, Georgia, Spain and the United Kingdom. The company has acquired another eight properties recently, with the refurbishment of 33 European properties currently under way and projected for completion by end 2016.

This is part of a broader strategy of maintaining a presence in gateway cities such as Paris, London, Hamburg and Munich. This will be accomplished through acquiring turnkey developments and properties which can be converted into serviced residences.

Also Read: Singapore realty portal PropertyGuru plans to list in 12-18 months

In addition, the Ascott Group is also exploring growing its market share through the use of management contracts and franchising throughout Europe. Lee Chee Koon, Ascott Group’s CEO, commented: “Europe remains one of our key markets. Our asset size in Europe is over S$1.5 billion. We have been investing in France for over 10 years and more than half of Ascott’s Europe portfolio is in the country. We continue to see strong potential for serviced residences in France.”

The 112-unit Citadines Suites Arc de Triomphe Paris is Ascott’s latest property to open in Europe after a $29.4 million facelift, as well as the second serviced residence under the upscale Citadines Suites brand, following the successful opening of Citadines Suites Louvre Paris near the Palais-Royal in April 2013.

It is strategically located between the Champs-Elysées and Place du Trocadéro, leveraging on the strong tourist potential and heritage offerings these landmarks represent.

The other Citadines asset in Paris, Citadines Suites Louvre Paris, adjoins Comédie Française Theatre. It is also located close to the Louvre museum and Opéra Garnier House, as well as the business district, Paris Stock Exchange and government offices.

Alfred Ong, Ascott’s managing director for Europe, said: “Since Ascott’s acquisition of Citadines in 2002, we have rejuvenated the Citadines properties through our asset enhancement programme and also introduced a new luxury label, Citadines Suites, to cater to well-heeled travellers in the most visited city in the world.”

Related Story: CapitaLand to issue up to S$800m convertible bonds to cut ‘outstanding indebtedness’

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.