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Ascott signs over 7,500 units in 1H 2022
Friday, 5th August 2022
Source : The Ascott Limited (Ascott)

Ascott opens over 56% more units in 1H 2022 and acquires first lyf property in Tokyo via its serviced residence global fund.

CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) is acquiring a freehold asset in Tokyo, Japan via the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority.

The asset will be refurbished to introduce Ascott’s first lyf-branded coliving property in the city. The acquisition follows Ascott’s signing of over 7,500 units in 1H 2022, a 32% increase compared to the same period last year.

Ascott has also opened 20 properties with more than 4,500 units in 1H 2022, a 56% year-on-year increase in units. In addition, Ascott has recently completed its acquisition of Oakwood Worldwide (Oakwood) in July 2022, expanding its portfolio by about 15,000 units to over 153,000 units across over 900 properties. The newly signed and opened properties as well as the addition of Oakwood will further boost Ascott’s recurring fee income.

The 140-unit coliving property to be named lyf Ginza Tokyo is ASRGF’s fourth acquisition in 2022, deploying close to S$400 million across four countries in under five months. Slated to open in June 2023, lyf Ginza Tokyo is set to meet the lodging demand of conglomerates and start-ups located nearby and cater to leisure travellers visiting the capital city. With the acquisition of lyf Ginza Tokyo, ASRGF will hold 12 properties with over 2,300 units across 91 countries.

Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, said: “Ascott has completed our acquisition of Oakwood, and achieved strong organic growth in 1H 2022 with the addition of newly signed and opened properties across our brands. This allows us to build upon our recurring fee income stream. We have kicked-off the integration of Oakwood with Ascott, placing us in a stronger position to drive further growth, deliver higher returns to our property owners and offer better experiences to our guests.”

“As a vertically-integrated global lodging business, Ascott is able to leverage our full suite of real estate investment and management capabilities for expansion. In addition to increasing our recurring fee income via new management and franchise contracts, we see opportunities to grow our funds under management through our private funds such as ASRGF and our Student Accommodation Development Venture. We will continue to step up our growth as demand for lodging increases with the resumption of international travel,” added Mr Goh.

Note:

1 ASRGF’s properties are in Australia (Melbourne and Sydney), China (Ningbo), France (Paris), Indonesia (Jakarta), Japan (Tokyo), Netherlands (Amsterdam), Singapore, United Kingdom (London) and Vietnam (Hanoi).

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