16 October 2008

Ascott buys Paris apartment building

The Ascott Group has acquired the building that houses its Citadines Paris Louvre property for Ã&#pound;17.1 million.

Ascott had leased the 51-unit serviced residence from Predica since it acquired the Citadines chain in 2002.

Predica is the insurance arm of Credit Agricole, one of Franceââ¬â¢s major banks.

Ascott currently has a total portfolio of 5,620 units in 49 properties in Europe including 16 properties in Paris and six properties.

It has a total of 788 units scheduled to open by the end of 2010 in Georgia, Germany, Kazakhstan, Russia and the UK.


By Bev Fearis

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