SINGAPORE (THE BUSINESS TIMES) - CapitaLand's wholly-owned lodging business unit, The Ascott, has opened a 108-unit serviced residence in London's Islington district.
Citadines Islington London sits on a piece of prime property Ascott acquired in 2016 through its serviced residence global fund with Qatar Investment Authority, Ascott said in a statement on Thursday (Sept 10). The serviced residence, delivered by real estate investment firm Cain International, is located in Islington Square, a new heritage site offering "eclectic" shops and cafes, it added.
The property is a short walk away from Islington's Upper Street, and a 20-minute walk from Emirates Stadium, which is home to Arsenal Football Club. Other nearby attractions include Regent's Canal, Almeida Theatre, and Sadler's Wells Theatre.
The serviced residence is housed in an Edwardian building that was once a Royal Mail Sorting Office. There are 81 studios and 27 one-bedroom apartments, which can accommodate up to two and four guests respectively. It is offering Ascott's "Work in Residence" initiative, where guests can rent an apartment as a private workspace.
Ascott managing director for Europe Lee Ngor Houai said the company's serviced residences, which cater primarily to the long-stay segment, have proven to be resilient amid the Covid-19 outbreak, with demand for accommodation expected to pick up with the gradual reopening of international borders.
The group plans to add 800 more units to its portfolio across Europe by 2023, Mr Lee added. He said the group currently has over 900 units in London, and is set to add another 300 units there following the opening of Citadines Wembley London next year.
Shares of CapitaLand were trading up one cent or 0.4 per cent at $2.74 at 11:38am on Thursday.