Transactions - AUGUST 4, 2022

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Ascott acquires first lyf property in Tokyo via its serviced residence global fund

by Andrea Zander

CapitaLand Investment’s (CLI) wholly owned lodging business unit, The Ascott Ltd., has acquired a freehold asset in Tokyo 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 co-living property in the city. The acquisition follows Ascott’s signing of more than 7,500 units in first half 2022, a 32 percent increase compared to the same period in 2021.

The 140-unit co-living 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 travelers visiting the capital city. With the acquisition of lyf Ginza Tokyo, ASRGF will hold 12 properties with more than 2,300 units across nine countr

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