Ascott obtains two properties in Ningo and Amsterdam for around $190m
The acquisitions are set to grow the group’s fund under management to $9b.
The Ascott Limited bolstered its residential portfolio as the CapitaLand Investment-owned subsidiary acquired two properties based in Ningo, China, and Amsterdam, the Netherlands, for an estimated $190m.
Funds for the transaction were gathered through Ascott Serviced Residence Global Funds, a private equity fund with the Qatar Investment Authority.
The China-based property is set to open under the name of Somerset Huangzhou Bay, with 206-units. Two residential towers make up the property, with it being located near Ningbo’s Hangzhou Bay New Town. Adjacent to the property is the district’s manufacturing industrial zone.
On the other hand, Amsterdam is a freehold asset that is set to be refurbished and unveiled as Citadines Canal Amsterdam in 2023. 93 units make up the residence and are located in the city’s Canal District, a UNESCO-recognised World Heritage Site.
“Ascott’s key differentiator is our unique position as a vertically-integrated global lodging business with a strong foothold in Asia. We have expertise across the full value chain, from deal sourcing, investment, asset and fund management, as well as award-winning hospitality operations to generate the required returns for our capital partners,” said Kevin Goh, CEO for Lodging, CapitalLandInvest.
When fully launched, the two properties are expected to strengthen the group's total funds under management to $9b.