France
17 Properties 1,671 Units
S$’million
Total Revenue (2014)
39.0
Total Gross Profit (2014)
36.2
Valuation as at 31 December 2014
524.4
Ascott Reit has 17 freehold serviced residences in France. Ten properties are located in the French
capital, Paris, while seven are based in the regional cities of Cannes, Grenoble, Lille, Lyon, Marseille
and Montpellier. Our properties in Paris are in prime areas near famous landmarks such as the
Louvre, Eiffel Tower, Notre Dame and Seine River. The remaining seven properties are conveniently
located in the respective cities’ central districts. 16 of the serviced residences are branded Citadines
Apart’hôtel, and one property, Citadines Suites Louvre Paris, is branded under the upscale Citadines
Suites.
All 17 properties are on master lease arrangements with Citadines SA, a wholly-owned subsidiary of
Ascott, and their remaining terms vary between two and four years.
Gross Rental Income
(S$’000)
Agreed
Property
Value
(S$’million)
FY 2014 FY 2013
Citadines Antigone Montpellier
879
882
13.8
Citadines Austerlitz Paris
542
538
9.6
Citadines Castellane Marseille
603
598
10.7
Citadines City Centre Grenoble
1,662
1,569
16.7
Citadines City Centre Lille
1,753
1,654
16.2
Citadines Croisette Cannes
524
525
8.4
Citadines Didot Montparnasse Paris
2,007
1,989
25.7
Citadines Les Halles Paris
5,616
5,609
88.2
Citadines Maine Montparnasse Paris
1,598
1,586
20.6
Citadines Place d’Italie Paris
4,590
4,584
56.3
Citadines Prado Chanot Marseille
426
417
9.4
Citadines Presqu’île Lyon
1,339
1,338
21.4
Citadines République Paris
1,691
1,678
21.2
Citadines Suites Louvre Paris
2,667
2,550
40.3
Citadines Tour Eiffel Paris
3,682
3,584
59.2
Citadines Trocadéro Paris
3,536
3,339
51.3
Citadines Montmartre Paris
3,349
3,161
40.4
2014 Review
France continued to face an uncertain economic and financial period with GDP growth of 0.4% in
2014, according to EIU. Despite that, France remained as the second largest European economy and
the most visited country in the world, with 84.7 million tourist arrivals in 2013 (2014 figure yet to be
reported). The French hospitality market saw an increase of about 1% in overall RevPAR. With major
events including the Paris Motor Show and Paris Fashion Week, the hospitality market enjoyed
Operations Review
70 | Ascott Residence Trust Annual Report 2014
