Ascott has acquired its first property in Scotland’s capital city of Edinburgh, from Gladedale Capital, which specialises in building high-quality commercial developments in the United Kingdom. Ascott will further furnish the seven-storey building into a 107-unit serviced residence to be named Citadines Edinburgh Quartermile. Ascott will invest a total of £24.7 million (US$50.3 million) including purchase and refurbishment costs.

Edinburgh is recognised as a key growth engine for Scotland’s economy, and is also one of the top 10 international conference and convention cities in the world. The capital enjoys strong tourism arrivals of more than 10 million visitors annually. There is therefore strong demand from both the leisure and business segments for accommodation in Edinburgh.

The property is targeted for opening by mid-2009. It will be within a premier business, residential and retail zone known as Quartermile, a major urban development project expected to be completed by 2012.