Service Apartment Ascott expands presence in Joint Venture

Travel News 01 Jul 2015

Ascott, the serviced residence company owned by Singapore’s Capitaland, is planning to expand its global presence following the signing of a major new deal.

The company has entered into a 50-50 joint venture with Qatar Investment Authority (QIA) to set up a US$600 million serviced residence fund, with an initial focus on the Asia Pacific and Europe regions. This marks Ascott’s largest private equity fund to date and will invest in serviced residences or rental housing properties.

Ascott will have first right to manage the properties it acquires. Ascott also currently manages a US$500m fund in China that invests in serviced residences across the country, and a JPY12.6 billion (US$103m) fund in Japan. And Capitaland is now aiming to launch six new funds with total assets of up to SG$10bn (US$7.4bn) by 2020.