CapitaLand’s wholly-owned business lodging unit, The Ascott Limited, has opened Citadines Islington London on September 10.
The latest addition to its Citadines’Apart’hotel portfolio in Europe was acquired in April 2016 through Ascott’s serviced residence global fund with Qatar Investment Authority.
The 108-unit serviced residence is housed in an Edwardian building that was once a Royal Mail sorting office, features four stylish and contemporary apartment types, and is located in London’s Islington Square.
“Citadines is our fastest growing brand globally, and this new opening is the latest milestone in our expansion plans for Ascott. Ascott’s serviced residences that cater primarily to the long-stay segment have proven to be resilient amid the Covid-19 situation. We have been providing accommodation to healthcare workers and guests seeking alternative work-from-home locations,” says Lee Ngor Houai, Ascott’s managing director for Europe.
“We expect demand for accommodation to pick up with gradual reopening of the international borders. London is a key area of development for the Group in Europe. We currently have more than 900 units in London, which will increase by a further 300 units when our next property, Citadines Wembley London, opens next year. By 2023, we plan to further add over 800 new units across Europe,” Lee adds.
Shares in CapitaLand closed flat at $2.73 on September 9.
