Singapore serviced-apartment giant adds glamour to North Sydney skyline
18 Oct 2019
Singapore-based, The Ascott Limited (Ascott),
is investing A$202.2 million in a new, 48-storey freehold serviced
residence in North Sydney’s CBD. Ascott is one of the world’s largest
international lodging owner-operators.
The investment is being made by the Ascott Serviced Residence Global Fund,
which is a 50:50 joint venture with the Qatar Investment Authority.
Called the Citadines Walker North Sydney, the integrated high-rise
development will include 252 serviced apartments, offices and retail
components. When completed in 2021, the building will be North Sydney’s
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,’ says Kevin Goh, Ascott's CEO.
‘Ascott enjoys deep presence in many key gateway cities across various
lodging segments, from serviced residences, hotels, co-living apartments to
leasing apartments,’ he adds. ‘This provides a ready pipeline of assets
like Citadines Walker North Sydney for capital deployment.’
The Walker North Sydney facilities will include a restaurant, rooftop bar,
meeting rooms, business centre, executive lounge and fitness centre.
The Ascott Group’s three brands – Ascott, Somerset and Citadines – operate
in 55 cities in 23 countries. The group has almost 15,000 serviced
residences, including properties in Australia, as well as some 6,000 units