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Ascott Group has bought Citadines London Holborn-Covent Garden from Land Securities for ”43.4m ($85m).
It was operating the 192-unit residence - located directly opposite Holborn Underground station ” on a lease from the company, but has decided to invest in what it sees as a prime location property.
”Ascott is buying this property because of its great location and the strong growth potential for serviced residences in London,” said Ascott deputy CEO Gerald Lee.
”Holborn, a traditional enclave for the legal profession, has been attracting companies from the finance, media and banking sectors. There are also an increasing number of office and retail developments there. With the shortage of international-class serviced residences to cater to the strong demand, we expect our property to continue to do well.”
Ascott fully acquired the Citadines brand in 2004 and has been operating in London for 15 years. It also runs properties in Mayfair, Trafalgar square and South Kensington.
Around a quarter of the group”s 21,000 serviced residences are in Europe, and it has five other London properties, in Mayfair, Barbican, South Kensington, Trafalgar Square and another near Islington.
Ascott president and CEO Jennie Chua added, ”Ascott has been ramping up its expansion in Europe”s gateway cities and emerging markets. Last year, we acquired properties in Germany and Scotland and entered into management contracts in Russia, Kazakhstan and Georgia