The Ascott Limited, CapitaLand’s wholly-owned serviced residence business unit, will invest €28 million ($50 million) to acquire a turnkey serviced residence property in Frankfurt which is slated to open in 2014.
This follows the company’s expansion into Germany’s second largest city, Hamburg, in January when it signed a sale and purchase agreement for Citadines St Michaelis Hamburg.
The new 165-unit Citadines Messe Frankfurt will be developed on a site strategically located in the city centre and across the renowned Frankfurt Messe Trade Fair Area.
It will be surrounded by numerous retail and commercial developments including the landmark Messeturm skyscraper office tower and Skyline Plaza, an integrated development comprising a congress centre, shopping mall and restaurants. The property will also be a short walk to the Frankfurt Central Railway Station which provides fast connections to major cities in Germany and Europe.
Citadines Messe Frankfurt increases Ascott’s Europe portfolio to over 5,300 apartment units in 48 properties across 22 cities.
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