SINGAPORE: CapitaLand's Ascott unit has bought an existing serviced residence in London for S$116.4 million.

The property is located within London's 'Midtown' region at High Holborn.

Ascott is currently leasing the property from Land Securities, the UK's largest real estate investment trust.

The property is being operated under the brand name Citadines London Holborn-Covent Garden.

The 192-unit serviced residence is located within a major shopping and office district.

Ascott says Europe is an important region for the company's global expansion.

The company has a global portfolio of 21,000 serviced residence units, of which 5,600 are in Europe. - CNA/ir