Complete Property Market Updates of Singapore

May 12, 2008

Ascott buys London property for US$85.13 million

Filed under: General,UK — Propertymarketupdates @ 3:36 am

The Ascott Group (Ascott) said it has bought a serviced residence within London’s ‘Midtown’ region at High Holborn for 43.5 million pounds (US$85.13 million).

Ascott currently leases the property from Land Securities plc and operates it as Citadines London Holborn-Covent Garden.

Land Securities plc is the United Kingdom’s largest real estate investment trust.

Ascott said the 192-unit serviced residence enjoys a great location. Holborn is rapidly becoming a major shopping and office district. The property is a short walk from Covent Garden, one of the liveliest areas in London with many boutiques, theatres, restaurants and clubs. It is also near the city’s business area, across the Holborn Tube Station with easy access to both the Central and Piccadilly underground lines.

Ms Jennie Chua, Ascott’s president & CEO said Europe is an important region for Ascott’s global expansion.

‘We have a global portfolio of 21,000 serviced residence units, 5,600 are in Europe. In the recent year, Ascott has been ramping up its expansion in Europe’s gateway cities and emerging markets,’ she said. — BT newsroom

Source : Business Times – 8 May 2008

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