CapitaLand’s wholly owned lodging business unit, The Ascott Ltd. (Ascott), has entered into two agreements to acquire two properties in Paris and Hanoi, Vietnam, for about S$210 million ($156 million).
The acquisition of the two properties through the Ascott Serviced Residence Global Fund1(ASRGF), Ascott’s private equity fund with Qatar Investment Authority, will boost Ascott’s total fund assets under management (FUM) to about S$8 billion ($5.9 billion). Both properties will be acquired on a turnkey basis and are expected to open in 2024.
The acquisition in Paris is a freehold asset that will be refurbished to introduce Ascott’s first coliving property in Europe under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit coliving property is located in a vibrant district in the 20th arrondissement, near galleries, cinemas, trendy cafés and restaurants, street art and music venues. With this addition, Ascott has a total of 16 lyf properties with more th
