Ascott acquires two properties in France and Vietnam for SGD210 million
CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott) has entered into agreements to acquire two properties in Paris, France and Hanoi, Vietnam for about SGD210 million (USD156.23 million). The acquisition of the two properties through the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority, will boost Ascott’s total fund assets under management (FUM) to about SGD8 billion (USD5.95 billion). Both properties will be acquired on a turnkey basis and are expected to open in 2024.
Mr Kevin Goh, CapitaLand’s Chief Executive Officer for Lodging, said:
“Our acquisition of these two prime properties in France and Vietnam is in line with Ascott’s ambition to expand our global lodging business. We are looking to work with like-minded capital partners to set up new funds to expand in resilient asset classes, such as coliving and student accommodation, to accelerate our FUM and FRE growth.”
The acquisition in Paris is a freehold asset that will be refurbished to introduce the property under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit coliving property is located in a district in the 20th arrondissement, surrounded by entertainment attractions. livelyfhere Gambetta Paris is focused on international and domestic business travellers.
The acquisition in Hanoi is the 364-unit Somerset Metropolitan West Hanoi. Located in Hanoi’s new Central Business District, the property is close to several government agencies as well as local and international corporations. Somerset Metropolitan West Hanoi is a 10-minute drive to the Vietnam National Convention Centre and the Noi Bai International Airport is a 30-minute drive away.