Ascott acquires 2 more properties in India to develop service residences

The Ascott Group has secured its second and third properties in Chennai and Bangalore in India. The acquisitions are part of the master development agreement signed with The Rattha Group in August. Under the agreement, the partners will acquire and develop seven serviced residences in India by 2010. Ascott will take a 40 percent equity stake in the two new properties with the remaining majority stake going to Rattha. The two service residences will be named Somerset Whitefield in Bangalore and Citadines Boulevard in Chennai. They will treble Ascott's portfolio in India to 660 units. Ascott will manage the properties for a period of ten years with an option to renew the management contracts for another ten years. Ascott did not disclose the financial details of its latest acquisitions. Source:Channelnews Asia