The Ascott Limited (Ascott), CapitaLand’s lodging business unit, has opened Citadines Islington London, the newest addition to its Citadines’ Apart’hotel portfolio in Europe.
The property was acquired in April 2016 through Ascott’s serviced residence global fund with Qatar Investment Authority.
The 108-unit serviced residence has been delivered by privately held real estate investment firm Cain International.
Housed in an Edwardian building that was once a Royal Mail Sorting Office, the property features four apartment types.
Ngor Houai Lee, Ascott’s managing director for Europe, said: “Citadines is our fastest growing brand globally and this new opening is the latest milestone in our expansion plans for Ascott. Ascott’s serviced residences that cater primarily to the long stay segment have proven to be resilient amid the Covid-19 situation. We have been providing accommodation to healthcare workers and guests seeking alternative work-from-home locations.
“We expect demand for accommodation to pick up with gradual reopening of the international borders. London is a key area of development for the group in Europe. We currently have more than 900 units in London, which will increase by a further 300 units when our next property, Citadines Wembley London, opens next year. By 2023, we plan to further add over 800 new units across Europe.”
Head of European real estate at Cain International, Richard Pilkington, said: “We are delighted to welcome the latest property in the Citadines brand to Islington Square. Their offer is a perfect complement to our mixed use estate and our existing leisure and retail tenants. We will be announcing further tenants in the coming months as we progress towards a return to normality and anticipate there will be an increased appetite for high quality mixed-use spaces such as Islington Square, which can offer a range of experiences within a single destination, reducing travel time and exposure to multiple venues.”
Citadines Islington London contains 81 studios and 27 one-bedroom apartments, which can accommodate up to two and four guests respectively. Each apartment features a fully equipped kitchen, separate bedroom, private bathroom, living area, flat screen TV with Chromecast and free unlimited WiFi.
Citadines Islington London also offers Ascott’s ‘Work in Residence’ initiative, where guests can rent an apartment as a private workspace.
At its properties worldwide, including Citadines Islington London, Ascott has implemented hygiene and cleanliness standards as well as safe distancing. It has also partnered with Bureau Veritas to provide independent audits and certification for the hygiene and safety standards of its properties worldwide, in addition to being recognised as being Quality Accredited in the UK by ASAP’s International Serviced Accommodation Accreditation Process (ISAAP). The accreditation aims to reassure guests that Ascott has achieved the standards, set out by ISAAP, covering health, safety, security and quality and that customer duty of care is assured.
