SINGAPORE, April 19 (Reuters) - Singapore real estate company CapitaLand said on Tuesday its serviced residence arm, the Ascott Limited, will acquire a property in Frankfurt for 28 million euros ($40.4 million).
The new 165-unit Citadines Messe Frankfurt, which is slated to open in 2014, will increase Ascott's Europe portfolio to over 5,300 apartment units in 48 properties across 22 cities.
"Europe is a key market for Ascott in its international expansion. With this acquisition, we are on track to achieve 7,000 apartment units in Europe by 2015," said Ascott's CEO
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