CapitaLand Ltd, Southeast Asia’s largest property developer, has announced that the acquisition of the 100 percent stake in SNC Costes K (SCK) in Paris has been completed.
SCK owns three properties in Paris, including Hotel K, its adjoining residential building and an adjacent apartment unit.
CapitaLand said it plans to redevelop the hotel and adjoining residential building into a 106-unit serviced apartment to be named Ascott Arc de Triomphe Paris, while the adjacent apartment unit will be used for corporate leases.
Following the acquisition, the company said that SCK has become a wholly-owned subsidiary of CapitaLand and has been renamed SNC Ascott Kleber.
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