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Follow on Google News | Ascott To Acquire And Transform Prime Properties In Paris Into Premium Serviced ResidenceAscott Arc de Triomphe Paris will be the first Ascott-branded property to open in France
By: The Ascott Limited Mr Lim Ming Yan, Ascott's Chief Executive Officer, said: “Within the first four months of 2011, Ascott has invested S$203 million in Europe through our acquisitions of Ascott Arc de Triomphe Paris and two properties in Frankfurt and Hamburg. This demonstrates Ascott’s long-term commitment in Europe, and we will continue to identify opportunities to deepen our presence especially in key markets like Paris, London and major cities in Germany. These investments form part of our ongoing capital recycling strategy, with Ascott re-deploying a portion of almost S$1 billion in proceeds generated by the divestment of 28 assets to Ascott Residence Trust last year. These new assets will further enhance our real estate investment portfolio in Europe and form a quality pipeline for the Ascott Residence Trust.” Mr Lim added: “In 2011, we have already secured about 1,800 units through new investments and management contracts. This extends Ascott’s leadership position as the world’s largest international serviced residence owner-operator with over 27,000 apartment units and we are on track to achieve our global target of 40,000 apartment units by 2015.” Mr Tan Choon Kwang, Ascott’s Managing Director for Europe, said: “The two properties in Paris present a good opportunity to invest in a resilient and growing hospitality real estate market. Paris is a key business city with many large companies, government offices and embassies. It is also one of the world’s most beautiful and popular tourist destinations. As there is a lack of upscale serviced residences in Paris, we expect strong demand for our flagship Ascott Arc de Triomphe Paris. Business and leisure travellers can look forward to a unique stay experience in the luxurious serviced residence.” Besides having a prime location in the heart of Paris, the landmark property combines the contemporary design of renowned architect Ricardo Bofill and the distinctive architecture of 19th century Paris. Situated along Avenue Kléber, Ascott Arc de Triomphe Paris is steps away from the world famous Champs-Elysé To cater to the different lifestyle needs of business and leisure travellers, Ascott Arc de Triomphe Paris will offer a range of spacious apartments from studios to two-bedroom units. Residents will enjoy amenities including a swimming pool, fitness centre, sauna, spa and restaurant. With the addition of Ascott Arc de Triomphe Paris, Ascott has over 3,600 apartment units in 35 properties across 14 cities in France. Besides Paris, these properties are located in cities including Cannes, Lille, Lyon, Marseille, Nice, Strasbourg and Toulouse. End
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