Ascott group entered Indian real estate and extending to Hyderabad

The Ascott Group (Ascott) has acquired its first serviced residence with 220 units in Ahmedabad. The investment is a joint venture with The Rattha Group (Rattha), a company in the field of exports, infrastructure development and leasing. Ascott has invested INR 257.2 million (approximately S$9.1 million) for the project and will take a 40% stake in the joint venture, with Rattha holding the remaining. With the latest addition, Ascott's portfolio in India grows to 1,398 units across six properties which are currently under development.Ms Jennie Chua, Ascott's President & CEO said:
"Citadines Ahmedabad Parimal Garden marks our entry into West India and extends our footprint beyond the southern cities of Bangalore, Chennai and Hyderabad."Citadines Ahmedabad Parimal Garden is slated to open in the first half of 2011.Besides Citadines Ahmedabad Parimal Garden, Ascott's other serviced residences in India are Somerset Whitefield in Bangalore; Somerset Greenways, Citadines Boulevard and Citadines OMR Gateway in Chennai; and Citadines Hitec City in Hyderabad........
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