The scheme in London’s Islington, which will feature 108 serviced apartments and open in 2018, was acquired from the Sager Group and Cain Hoy, who developed the centre.
The Ascott Limited already manages the Citadines London portfolio across the capital, which already includes six properties - including South Kensington, Holborn Covent Garden, and Trafalgar Square - along with the Cavendish London and Ascott Mayfair London.
Set within the a six-storey Edwardian building designed by architect Jasper Wagner, it will offer studio suites and one-bedroom apartments, with features such as tall ceilings, high windows, and views over a ‘zen’ courtyard and gardens. There will also be a health club with a swimming pool, gym, and Odeon Lounge cinema available to the residents.
The property will form part of a new £450m 4.5 acre mixed-used development in Islington Square, which centres on the old Royal Mail London centre, just off Upper Street. In total, the development is expected to offer 263 new homes, and 170,000 sq ft of retail and leisure facilities.
The Qatar-Singapore fund invests in serviced residences and rental housing properties, with Ascott’s £420m global fund with Qatar’s QIA established through a joint venture in 2015.
Ascott is aiming to achieve a global target of 80,000 apartment units by 2020, including doubling its European portfolio to 10,000 units – including across 45 properties in France, Belgium, Germany, Georgia, Spain, and the UK ‒ in the same timeframe.
Giris Rabinovitch, chief executive of Sager Group, said: “We are delighted to have completed the deal with Ascott to bring their Citadines brand to Islington Square. The serviced apartments are perfectly located for business visitors and tourists.”