Singapore: Singapore’s CapitaLand said its serviced residence business unit, The Ascott Ltd, entered into a joint venture with Qatar Investment Authority to set up a $600 million serviced residence fund with an initial focus on Asia Pacific and Europe.
The 50-50 tie up with the Gulf Arab state’s sovereign wealth fund is part of CapitaLand’s target to launch six new funds with total assets under management (AUM) of up to S$10 billion by 2020, it said.
“With Ascott’s newly set up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five real estate investment trusts (REITs) with AUM worth over S$43 billion,” CapitaLand CEO Lim Ming Yan said in a statement.
