CapitaLand Investment’s wholly owned lodging business unit, The Ascott Ltd., is acquiring its first Lyf-branded co-living property in Sydney.
The acquisition of the freehold asset is made via the Ascott Serviced Residence Global Fund (ASRGF) 1, Ascott’s private equity fund with Qatar Investment Authority. This is ASRGF’s third investment in 2022, following the acquisition of Somerset Hangzhou Bay Ningbo and Citadines Canal Amsterdam in March 2022. To date, ASRGF has invested in 12 properties for close to $500 million. ASRGF has since divested its first property at returns that outperformed its expected underwriting.
To be named Lyf Bondi Junction Sydney, the 197-unit co-living property is slated to open in 2024 and is set to meet the lodging needs of transient young professionals, business and leisure travelers in the city. The co-living property is strategically located in Bondi Junction, Sydney’s fifth largest business district and one of the city’s most af
