The Ascott Limited has invested in two properties in Ningbo, China, and Amsterdam, the Netherlands, for approximately $140 million through Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority. When fully deployed, the acquisitions will boost Ascott’s total funds under management (FUM) to $4.4 billion.
In Ningbo, ASRGF has acquired two residential towers (pictured) on a turnkey basis, and the project will open as the 206-unit Somerset Hangzhou Bay Ningbo in 2025. The serviced residence is located in Ningbo’s Hangzhou Bay New Town at the geographic center of the Yangtze River Delta, China’s economic powerhouse. Somerset Hangzhou Bay Ningbo is also adjacent to the district’s advanced manufacturing industrial zone, where many Fortune 500 companies have established their facilities, generating corporate demand for the serviced residence.
The acquisition in Amsterdam is a rare freehold asset that will
