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The Ascott is investing S$192 million (£115 million) in a freehold serviced residence in the central business district of North Sydney.
The property will be financed through the Ascott Serviced Residence Global Fund, its global fund with Qatar Investment Authority.
To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey integrated development which also has office and retail components and will be the tallest tower in North Sydney upon its completion in 2021.
It offers 252 apartments and facilities including a restaurant, rooftop bar, meeting rooms, business centre, executive lounge, gymnasium and end-of-trip amenities.
Ascott also signed 13 other properties under franchise and management contracts across China, France, Indonesia, Kenya and Vietnam.
With these newly secured properties, Ascott has achieved S$10 billion (£6 billion) in asset value.
Among them are four franchise contracts signed with Aegide Domitys which will mark Ascott’s foray into three new cities in France – Golfe-Juan, Tours and Roanne.
Kevin Goh, Ascott chief executive, said: “This latest acquisition in Australia is in line with our strategy of growing our fund management portfolio through private equity funds, joint ventures and listed hospitality trusts – all of which provide a core asset base for our asset management business.
“We believe in achieving scale in the business, and fund management is central to the active capital management strategy of Ascott as a dominant lodging real estate player.
“Ascott enjoys deep presence in many key gateway cities, across various lodging segments, from serviced residences, hotels, co-living apartments to leasing apartments.
“This provides a ready pipeline of assets like Citadines Walker North Sydney for capital deployment.
“We have an established owner-operator track record of creating value through sound asset management strategies as well as delivering robust and attractive risk-adjusted returns for our investors.
“Together with our capacity to co-invest with like-minded capital partners such as QIA, it gives us the ability to stay invested in quality assets for the long term.”
Source: breakingtravelnews.com