Ascott Residence Trust (Ascott REIT) has agreed to acquire a prime property in the German city of Hamburg for €37.5 million ($59.4 million). The 166-unit Madison Hamburg is Ascott REIT’s first acquisition in Hamburg.
Madison Hamburg is strategically located at the junction of three key areas in Hamburg – the city centre with many well-known retail streets; Hafen City, an up-and-coming commercial, retail and entertainment district; and Reeperbahn, Hamburg’s most popular tourist area. The property is surrounded by the offices of many multinational companies such as KPMG, Ernst & Young, Deloitte and Unilever, while metro stations, museums and shopping arcades are within walking distance.
Popular and reputable among domestic and foreign travellers, the seven-storey Madison Hamburg has a net lettable area of 19,285 sqm and offers a range of studios, loft units, suites and penthouses. Facilities at the property include meeting rooms, a business centre, restaurant and bar, gymnasium, spa, swimming pool and car park.
Ascott REIT currently owns two serviced residences in Germany -- Citadines Kurfu��rstendamm Berlin and Citadines Arnulfpark Munich. Ascott REIT’s assets in Germany will make up 10% of its total European portfolio value of $1.2 billion, upon completion of the acquisition of Madison Hamburg.
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