The Ascott Limited (Ascott) has extended its reach to Frankfurt, Germany’s transportation and financial centre. The company will invest around S$50 million in a turnkey serviced residence which is set to launch in 2014.
This follows Ascott’s expansion in Hamburg, Germany’s second largest city, in January.
The new 165-unit Citadines Messe Frankfurt will boost Ascott’s European portfolio to more than 5,300 apartments in 48 properties across 22 cities.
“Europe is a key market for Ascott in its international expansion. With this acquisition, we are on track to achieve 7,000 apartment units in Europe by 2015,” said Mr. Lim Ming Yan, Chief Executive Officer at Ascott.
“Germany is Europe’s largest and strongest economy, where we already have properties in Berlin, Munich and Hamburg. Expanding into Frankfurt will allow us to tap the strong demand for quality accommodation and extend our network of properties in Germany.”
“Frankfurt is Germany’s financial and transportation hub, where many global companies such as PricewaterhouseCoopers, BNP Paribas and J.P. Morgan are located. It is also one of Europe’s leading cities for international and regional trade fairs, attracting millions of visitors each year.”
“Besides building upon our strong presence in Germany, Paris and London, we will also look for opportunities to expand into Central and Eastern Europe.”
Citadines Messe Frankfurt will be built on a site that is strategically situated in the city centre and across the famous Frankfurt Messe Trade Fair Area. It will be surrounded by various commercial and retail developments, such as the landmark Skyline Plaza and Messeturm skyscraper office tower.
The site is also near the Frankfurt Central Railway Station which offers quick connections to major cities in Germany and Europe.
When completed, Citadines Messe Frankfurt will provide a range of apartments, such as studios and two-bedroom units. Residents of the site will enjoy various amenities that include a business centre, fitness centre, meeting rooms and a breakfast lounge.