Ascott Serviced Residence Global Fund, a fund managed by Singapore-based The Ascott Limited, and the Qatar Investment Authority, a Middle East sovereign wealth fund, have acquired a 252-room, 16-story hotel in North Sydney for A$202 million ($146 million).
The serviced residences will be part of a 48-story integrated development that also has office and retail components. The building will be the tallest tower in North Sydney upon its completion in 2021.The Citadines Walker North Sydney will sit below 13,000 square meters (140,000 square feet) of office space across 21 levels and will include a restaurant, rooftop bar, meeting rooms, business center, executive lounge, and a fitness center and end-of-trip amenities.
Ascott chief executive Kevin Goh noted its North Sydney acquisition was part of its strategy to grow its fund management portfolio through private equity funds, joint ventures and listed hospitality trusts.
“This latest acquisition in Australia is i
