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Ascott-QIA fund to buy London property for £52M

's The AscottLtd. is investing £52 million in a 108-unit property in Islington, London, aspart of its joint serviced-residence global fund with the Qatar InvestmentAuthority.

Theproperty, to be named Citadines Islington London, is the former Royal Mail'ssorting office. The partners will restore the Edwardian building to offerserviced residences, which will be part of Sager Group and Cain Hoy Enterprises'Islington Square development.

IslingtonSquare is designed to have 263 new homes and 170,000 square feet of retail andleisure facilities. The scheme is expected to be in late 2017, as previouslyreported.

Ascottsaid in a news release that the property is the third investment of the US$600million global fundwith QIA. The first twoinvestments total US$137 million for the conversion of an officebuilding in Paris to a serviced-residence property and the expansion ofSomerset Shinagawa Tokyo in Japan.