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Ascott Residence Trust
Annual Report 2015
Germany
Ascott Reit owns three freehold serviced residences
in Germany. The 117-unit Citadines Kurfürstendamm
Berlin, the 146-unit Citadines Arnulfpark Munich and
the 166-unit Madison Hamburg are conveniently
located in the cities’ central districts. Citadines
Arnulfpark Munich and Citadines Kurfürstendamm
Berlin are on master lease arrangements with
Citadines Betriebsgesell-schaft mbH, a wholly owned
subsidiary of Ascott, while Madison Hamburg is on
master lease arrangement with a third-party operator,
Madison Hotel GmbH. Their remaining terms vary
between six and 14 years.
Properties
3
Units
429
Total Revenue (2015)
S$9.0 million
Total Gross Profit (2015)
S$7.7 million
Valuation as at
31 December 2015
S$110.8 million
Citadines Kurfürstendamm Berlin
Operations Review
