Ascott buys rest of Citadines to become global apart-hotel player

03 June 2004
Ascott buys rest of Citadines to become global apart-hotel player

Singapore-based serviced apartments group Ascott has snapped up the remaining shares of apart-hotel chain Citadines to take full control of the group.

Ascott bought a 50% stake for €84.2m (£53.4m) in February and, it said today, is now spending €74.3m (£49.5) to buy the other 50%.

Citadines has more than 5,100 serviced apartments in 46 properties in 18 countries across France, the UK, Belgium, Spain and Germany.

Its acquisition gives Ascott a springboard to become a more global company.

Once the acquisition, which still needs to be cleared by competition authorities, is complete, Ascott will have a total portfolio of 13,800 serviced apartments in 39 cities in Europe and Asia Pacific.

Ascott group chairman Lim Chin Beng said: "The latest Citadines acquisition is a strategic move towards Ascott's goals to be a leading international serviced residence company, create a stronger global business platform and drive higher returns."

by Nic Paton

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