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The Ascott Limited purchases Dublin’s Temple Bar Hotel 
for EUR55.1 million

Dublin’s Temple Bar Hotel reception area

Ireland’s strong market makes it an attractive location for Ascott to grow its EUR1.2 billion portfolio in Europe.

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has expanded its global footprint to Ireland, one of the fastest growing economies in Europe. In a deal worth EUR55.1 million (S$83.6 million) the Singapore based company has acquired the 136-unit Temple Bar Hotel in Dublin, positioning Ascott right at the heart of one of the world’s most attractive business centres.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Europe is a key market for Ascott’s global expansion. Ireland’s pro-business environment has attracted some of the world’s biggest companies such as Google, Facebook, Microsoft and LinkedIn to establish their European headquarters in Dublin. Ireland is also used as a launch pad to the European Union (EU) by many U.S. companies and the U.S. is amongst Ascott’s top source markets globally. Ascott’s entry into Ireland will cater to these rising demands for accommodation by corporate and leisure travellers. The acquisition will boost Ascott’s EUR1.2 billion (over S$1.5 billion) portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020.”

Ireland’s economy is expected to expand by 4.9% this year, and tourism is booming. Ireland has had a record number of visitors in 2016, up 12% in the first nine months of the year. Dublin hotels had the highest Revenue Per Available Room (RevPAR) growth rate in Europe in 2015 and is expected to top the table again in 2017. And supply for extended stay accommodation is vastly outstripped by demand in Dublin, at only 0.08 units per 1,000 overseas visitors.

The property, located on Fleet Street, minutes from Dame Street - the main city centre thoroughfare - attracts business travellers with its close proximity to the Convention Centre Dublin, Central Bank of Ireland, Allied Irish Bank and Ulster Bank, and the International Financial Services Centre that houses more than 500 companies.

Leisure guests are a stone’s throw from city’s main shopping streets Grafton Street and Henry Street, as well as the 3Arena for music and Aviva Stadium for sports.

Mr Alfred Ong, Ascott’s Managing Director for Europe, said: “Ascott has built a strong presence in Europe as one of the region’s largest international serviced residence owner-operators. We look forward to bringing our signature hospitality to Ireland with a centrally located and quality accommodation in Dublin for our corporate and leisure guests. Acquiring an operating property in Dublin will give us a much faster time-to-market. The property has been achieving over 80% occupancy in the last few months and we are confident that we will be able to add value to this prime asset. This acquisition brings Ascott’s portfolio in Europe to more than 5,400 units in 45 properties across 19 cities in Belgium, France, Georgia, Germany, Ireland, Spain and the United Kingdom.”

The deal for Ascott caps a year in which it achieved record growth with more than 10,000 apartment units added globally, and launched Lyf (live your freedom), a new brand designed for and managed by millennials, as part of plans to grow to 80,000-units globally by 2020.

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