Ascott acquires a $139 million Australian serviced residence through its global fund jointly set up with the Qatar Investment Authority.
The development will be named «Citadines Walker North Sydney» and features 252 apartments in what will be the tallest tower in north Sydney set to launch in 2021. The tower will be part of a 48-storey integrated development that includes office and retail spaces.
The acquisition was made through the «Ascott Serviced Residence Global Fund», a 50:50 joint-venture launched in 2015 with Qatar Investment Authority.
Buying Spree
«We believe in achieving scale in the business, and fund management is central to the active capital management strategy of Ascott as a dominant lodging real estate player,» said Ascot chief executive Kevin Goh, commenting on the latest acquisition in a recent conference in Paris.
According to Goh, Ascot’s growth will be achieved through adding exposure in private equity funds, joint ventures and listed hospitality trusts.
The firm has signed 13 other properties under its franchise and management contract and the latest Australia acquisition further boosts the portfolio to $10 billion total asset value and more than 2,200 units. Goh said the firm is seeking to open another 19 properties with 2,800 units this year.
