Ascott Targets 10,000 Apartment Units in Europe by 2020

  • Published by Ozgur Tore

Citadines Suites Arc Paris

The Ascott Limited announced today its target of 10,000 apartment units in Europe by 2020. Ascott’s Chief Executive Officer, said that their asset size in Europe is over S$1.5 billion. CEO said, “We will continue to deepen Ascott’s presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott’s target of 10,000 apartment units in Europe by 2020.”

Ascott welcomed the visit by Singapore’s President Tony Tan to its newly opened Citadines Suites Arc de Triomphe Paris, as part of its celebrations to mark the 50th anniversary of trade relations between Singapore and France.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer said, “We will expand through acquisitions of turnkey developments or existing buildings which we can convert into serviced residences, management contracts and franchises. France is one of the strongest economies in the eurozone and it remains the top tourist destination in the world with over 80 million international tourist arrivals in 2014. 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 luxurious 112-unit Citadines Suites Arc de Triomphe Paris is Ascott’s latest property to open in Europe after a S$39 million facelift. It is Ascott’s second serviced residence under the upscale Citadines Suites label following the successful opening of Citadines Suites Louvre Paris near the Palais-Royal in April 2013. Located between the world famous Champs-Elysées and Place du Trocadéro, Citadines Arc de Triomphe Paris is a sanctuary in the heart of the central business district, close to luxury boutiques and renowned monuments and museums.

In Europe, Ascott currently manages 42 properties with more than 5,000 apartment units in six countries – Belgium, France, Germany, Georgia, Spain and the United Kingdom. In France, Ascott operates 16 properties in Paris and 11 in the regional cities.


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