The Ascott Limited announced its target of 10,000 apartment units in Europe by 2020.
Mr Lee Chee Koon, Ascott's Chief Executive Officer, said: "Europe remains one of our key markets. Our asset size in Europe is over S$1.5 billion. We will continue to deepen Ascott's presence in gateway cities where we have properties such as Paris, London, Hamburg and Munich, as well as explore new markets to achieve Ascott's target of 10,000 apartment units in Europe by 2020. We will expand through acquisitions of turnkey developments or existing buildings which we can convert into serviced residences, management contracts and franchises. France is one of the strongest economies in the eurozone and it remains the top tourist destination in the world with over 80 million international tourist arrivals in 2014. We have been investing in France for over 10 years and more than half of Ascott's Europe portfolio is in the country. We continue to see strong potential for serviced residences in France."
In Europe, Ascott currently manages 42 properties with more than 5,000 apartment units in six countries - Belgium, France, Germany, Georgia, Spain and the United Kingdom. In France, Ascott operates 16 properties in Paris and 11 in the regional cities.
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