CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited, is acquiring a 108-unit property in London through its serviced residence global fund with Qatar Investment Authority (QIA).
Ascott will invest £52 million (S$100.4 million) into the property which will be named Citadines Islington London. This is the third investment of the 50:50 fund between Ascott and QIA after its maiden acquisition of two properties in Paris and Tokyo for US$137 million in November 2015.
Citadines Islington London is close to London’s West End and The Emirates Stadium, home of the Arsenal Football Club.
The serviced residence will be part of the Islington Square, an integrated development developed by Sager Group, comprising 263 new homes and 170,000 sq ft of retail and leisure facilities.
Third investment of the 50:50 fund between Ascott and QIA