CapitaLand acquires two new international properties for $210m

The properties are located in France and Vietnam.

CapitaLand through its wholly-owned subsidiary Ascott Limited has acquired two properties, one in Paris, France and the other in Hanoi, Vietnam for $210m.

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 S$8 billion. Both properties will be acquired on a turnkey basis and are expected to open in 2024

The acquisition in Paris is a freehold asset which will be refurbished to introduce Ascott’s first co-living property in Europe under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit co-living property is located in a vibrant district in the 20th arrondissement, near galleries, cinemas, trendy cafés and restaurants, street art and music venues. 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.

On the other hand, the acquisition in Hanoi is the 364-unit Somerset Metropolitan West Hanoi and is located in Hanoi’s new Central Business District, 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, the largest convention centre in Vietnam and the Noi Bai International Airport is a 30-minute drive away.

With the new acquisitions, there will be eight properties with close to 1,700 units held under the ASRGF. The fund currently has five operational properties.
 

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

A new canvas: Why artists are jumping into the NFT space
Entering the digital space allows an artist to earn more through royalties each time their art sells.
Recurring mega sales have their own dangers
An expert from Intrepid warned against ‘shopper fatigue’ triggered by frequent large-scale shopping events.