The Ascott Limited has partnered with Qatar Investment Authority (QIA) to acquire serviced residences and rental housing properties, with an initial focus on Asia-Pacific and Europe.
The first purchase, made earlier this month, was two properties in Paris and Tokyo for US$104 million.
“Ascott serviced residence global fund’s maiden acquisitions are quality assets in key gateway cities where demand for serviced residences by expatriates and travellers remains strong,” said Lee Chee Koon, Ascott’s chief executive.
“As we gear up to achieve Ascott’s expansion target of 80,000 units worldwide by 2020, the fund provides the financial boost to support our acquisitions and growth.”
A further US$33 million will be invested to convert the existing office building in Paris into a serviced residence, and embark on a renovation project to upgrade the serviced residence in Tokyo.
Citadines Suites Champs-Élysées Paris
Citadines Suites Champs-Elysees Paris is expected to open in 2018, complete with restaurant, lounge and fitness centre.
Located in the affluent eighth district of Paris, it is within close proximity of high-end fashion houses. Attractions close by include the Arc de Triomphe, as well as Grand and Petit Palais.
Somerset Shinagawa Tokyo
Meanwhile the 50-unit Somerset Shinagawa Tokyo will be reconfigured with additional apartments by the end of 2016.
The serviced residence is located in the residential district of Takanawa, which has undergone redevelopment in recent years to become an international business hub – home to corporations such as Sony and Microsoft. It is a five-minute walk from Shinagawa Station, a major transportation hub connecting Shinkansen and six railway lines, and less than 20 minutes away from Tokyo Haneda Airport.
For more information, visit the-ascott.com