SINGAPORE (June 22): The Ascott Ltd (Ascott), the wholly-owned lodging business unit of CapitaLand Ltd, has expanded its presence in Paris, France; and Hanoi, Vietnam, by acquiring two properties for about S$210 million (RM647 million), reported The Edge Singapore.

According to the report, Ascott acquired the assets through the Ascott Serviced Residence Global Fund (ASRGF) – a private equity fund of Ascott with Qatar Investment Authority that was set up in 2015 on a 50:50 joint venture basis.

The freehold property in the 20th arrondissement in Paris will be refurbished into a 139-unit coliving property. This will also be Ascott's first coliving property in Europe under the lyf brand. 

With this addition, Ascott has a total of 16 lyf properties with more than 3,100 units across 13 cities and nine countries in Asia Pacific and Europe.

The Hanoi property is the 364-unit Somerset Metropolitan West Hanoi, located in Hanoi’s new Central Business District.

With these two new additions, Ascott’s total fund assets under management (FUM) will increase to about S$8 billion. Both properties will be acquired on a turnkey basis and are expected to open in 2024, said the report.

CapitaLand’s CEO for lodging, Kevin Goh, anticipated strong growth momentum from fee-related earnings (FRE) generated through the management of the company’s private fund and the listed hospitality trust as well as recurring fees earned from asset management and property management.

Managing director of ASRGF and head, business development at Ascott, Mak Hoe Kit, said the new acquisitions are in “a strong position for success”. 

“We will continue to build on our fund’s growth momentum by seeking suitable investment opportunities in long-stay lodging assets in key gateway cities in Asia Pacific and Europe to deliver long-term value for our partners,” he added.

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