[SINGAPORE] Real estate asset manager CapitaLand Investment’s wholly owned lodging business unit on Friday (Oct 17) announced that it has signed seven new properties in Vienna, Austria, and in Seville, Spain, through franchise and management agreements.
The new signings bring Ascott’s European portfolio to 64 properties and almost 8,500 units. Globally, the group has more than 1,000 properties and 175,000 units.
Describing Europe as a “cornerstone” of Ascott’s global growth strategy, chief executive officer Kevin Goh said the region offers a “resilient, high-yield market underpinned by strong tourism fundamentals and fragmented supply”. He noted that a significant portion of quality assets remain unbranded in Europe.
Ascott’s five signings in Vienna extend a partnership with property developer VIE Trust Real Estate Group, with which it already partners on three properties under the Citadines, lyf and Somerset brands. One of the new properties in the Austrian capital will be under lyf.
The two Spain signings mark a continuation of Ascott’s partnership with Forty Management, with which it manages a property in Bucharest, Hungary. One of the new properties will be under the lyf brand, and the other, the Somerset brand.
Both Seville properties will be part of the 12.5-hectare mixed-use mega project, Lagoon City Seville. The resort development – set to open at the end of 2028 – will include residential apartments and villas, a convention centre, as well as recreational amenities, restaurants and bars.
Ascott’s new signings carry on its push across Europe. On Thursday, it opened lyf Gambetta in Paris, France, its third such branded property in the region.
Ascott is set to open three lyf properties in the UK next year. One will be at Chelsea Football Club’s London stadium, and the others in Manchester and Glasgow.
Shares of CapitaLand Investment ended Thursday 0.4 per cent or S$0.01 down at S$2.65.
