CapitaLand’s wholly owned lodging business unit, The Ascott is investing USD 192 million in a freehold serviced residence in the Central Business District of North Sydney through the Ascott Serviced Residence Global Fund (ASRGF), its global fund with Qatar Investment Authority (QIA).
To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey integrated development which also has office and retail components and will be the tallest tower in North Sydney upon its completion in 2021. Ascott has announced this acquisition and the signing of 13 other properties under franchise and management contracts at the grand opening of La Clef Champs-Élysées Paris in France.
Kevin Goh, chief executive officer of Ascott said: “This latest acquisition in Australia is in line with our strategy of growing our fund management portfolio through private equity funds, joint ventures and listed hospitality trusts – all of which provide a core asset base for our asset management business.”
Author: Megha Paul
Source: Travel Daily Media