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CAPITALAND Limited’s (CapitaLand) wholly owned lodging business unit, The Ascott Limited (Ascott), announced September 10 that it has opened Citadines Islington London – the newest addition to its Citadines’ Apart’hotel portfolio in Europe. The property was acquired in April 2016 through Ascott’s serviced residence global fund with Qatar Investment Authority.
The 108-unit serviced residence comprising 81 studios and 27 one-bedroom apartments, delivered by privately held real estate investment firm Cain International, is located in London’s Islington Square, a new multi-faceted destination and heritage site conceived by award-winning architect Piers Gough of CZWG.
Housed in an Edwardian building that was once a Royal Mail sorting office, the property features four contemporary apartment types, each designed to appeal to the modern traveller.
“Citadines is our fastest growing brand globally, and this new opening is the latest milestone in our expansion plans for Ascott,” says Lee Ngor Houai, Ascott’s managing director for Europe. “London is a key area of development for the group in Europe. We currently have more than 900 units in London, which will increase by a further 300 units when our next property, Citadines Wembley London, opens next year. By 2023, we plan to further add over 800 new units across Europe.”
Ascott is a Singapore company with a portfolio that spans more than 180 cities across over 30 countries in the Asia-Pacific, Central Asia, Europe, the Middle East, Africa and the USA with approximately 69,000 operating units and 48,000 units under development, making a total of about 117,000 units in over 700 properties.
CapitaLand is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth about S$134.7 billion (US$98.54 billion) as at June 30 that spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential.
With a presence across more than 220 cities in over 30 countries, the group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.
CapitaLand pioneered real estate investment trusts (REITs) in Singapore with the listing of CapitaLand Mall Trust in 2002 and now has one of the largest real estate investment management businesses globally. It manages seven listed REITs and business trusts as well as over 20 private funds.
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