The move allows CapitaLand to develop Ascott Arc de Triomphe Paris.
Further to its announcement made on 10 May 2011, CapitaLand Limited (“CapitaLand”) wishes to announce that the acquisition of the entire 100% stake (representing 237,150 shares) in SNC Costes K (“SCK”) has been completed (the “Completion”).
SCK, a company incorporated in France, owns three assets in Paris (i) a property known and operated as Hotel K (ii) an adjoining residential building and (iii) an adjacent apartment unit. The Hotel K and adjoining residential building will be redeveloped into a 106-unit serviced apartment to be known as “Ascott Arc de Triomphe Paris”. The adjacent apartment unit will be used for corporate leases.
Following the Completion, SCK has become a wholly-owned subsidiary of CapitaLand.
SCK has also been renamed as SNC Ascott Kleber.
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