The Ascott Limited is investing a total of £52 million (US$76 million) to acquire a 108-unit serviced residence property in Islington, London.
Located not far from the West End, the Citadines Islington London will be close to several tourist attractions and entertainment options when it opens in 2019.
It will be a 10-minute walk from the Emirates Stadium, home to English Premier League team Arsenal Football Club, and offer convenient links to nearby St Pancras International station.
The 108-unit serviced apartment will be part of Islington Square, a mixed-use complex that also comprises 263 new homes and 15,793 sqm of retail space.
It will feature a mix of classic rooms, studios and one-bedroom apartments. Facilities will include a breakfast and lounge area, as well as a gymnasium.
“The addition of Citadines Islington London will strengthen Ascott’s position as one of the largest international serviced residence operators in Europe, with an asset size of over S$1.5 billion (US$1.1 billion),” said Lee Chee Koon, Ascott’s chief executive.
“Our portfolio in the region will increase to more than 5,300 units in 45 properties across France, United Kingdom, Belgium, Germany, Georgia and Spain. We aim to double our portfolio in Europe to 10,000 units by 2020.”
For more information, visit the-ascott.com