Ascott targets 10,000 apartment units in Europe by 2020

SINGAPORE - Mainboard-listed CapitaLand's wholly owned serviced residence unit, The Ascott, announced on Monday that it targets to have 10,000 apartment units in Europe by 2020, to mark the 50th anniversary of trade relations between Singapore and France.

Ascott's announcement came during a visit by President Tony Tan Keng Yam to its newly opened Citadines Suites Arc de Triomphe Paris.

Since Ascott acquired the pan-European Citadines apart'hotel chain in 2002, it has become one of the largest Singapore companies to invest in the hospitality industry in France, the company said.

Ascott added that it has invested more than $1.5 billion to acquire the Citadines apart'hotel chain and another eight properties, and to refurbish 33 properties in Europe by end-2016.

In Europe, Ascott currently manages 42 properties with over 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.

Mr Lee Chee Koon, Ascott's chief executive officer, said the company will continue to expand in gateway cities where it has 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.

He added that Ascott continues to see strong potential for serviced residences in France, which has more than half of its Europe portfolio.