The Ascott Group has officially announced the acquisition of its inaugural serviced residence in Ahmedabad, featuring over two hundred units. This venture represents a collaboration with The Rattha Group, a robust player in exports, infrastructure development, and leasing. Ascott's investment exceeds two hundred fifty million rupees, allowing the firm to secure a 40 percent stake in this joint initiative, while Rattha retains the remainder. With this significant milestone, Ascott’s portfolio in India now boasts a total of 1,398 units distributed across six properties that are presently in the developmental stage.
Ms. Jennie Chua, the President & CEO of Ascott, commented:
“Citadines Ahmedabad Parimal Garden marks our entry into West India and extends our footprint beyond the southern cities of Bangalore, Chennai, and Hyderabad.”