Ascott jointly acquires $192 million freehold serviced residence in Sydney

SINGAPORE (EDGEPROP) - CapitaLand’s wholly-owned lodging business unit, The Ascott Limited has acquired a $192 million freehold serviced residence in the North Sydney CBD through its 50:50 private equity fund with Qatar Investment Authority – the Ascott Serviced Residence Global Fund (ASRGF).
To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey integrated development that also has office and retail components. It will be the tallest tower in North Sydney when it is completed in 2021.
Citadines Walker North Sydney (Pictures: The Ascott Limited)
“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,” says Kevin Goh, Ascott’s CEO.
The announcement was made at the grand opening of La Clef Champs-Élysées Paris in France today. La Clef Champs-Élysées Paris is also one of the assets invested by ASRGF, and comes under The Crest Collection, which comprises some of Ascott’s most prestigious and unique luxury serviced residences.
Other assets invested by ASRGF include Citadines Islington London which will open this November, as well as lyf Funan Singapore which started operations early this month.
La Clef Champs-Élysées Paris
“The recent proposed combination of our two hospitality trusts, Ascott Residence Trust and Ascendas Hospitality Trust, will cement Ascott Residence Trust’s position as the largest hospitality trust in Asia Pacific,” Goh says. “With Ascott’s sponsored stake in the trust, we will continue to benefit from the properties’ steady yield and participate in their future growth.”

Franchise and management contracts sealed

In addition, Ascott also announced today that it has signed 13 other properties under franchise and management contracts. The properties are located across China, France, Indonesia, Kenya and Vietnam. Including its latest acquisition in Australia, the 14 new properties offer...