CapitaLand JV makes initial investment
A $600 million joint venture partnership between Singapore-based CapitaLand and sovereign wealth fund Qatar Investment Authority has made its first investment.
The joint venture acquired two properties in Tokyo and Paris for $104 million through CapitaLand’s Ascott Serviced Residence Global Fund. The value-added fund will invest another $33 million to convert the office building in Paris into a luxury serviced residence and embark on asset enhancement to reposition the serviced residence in Tokyo, bringing the total investment to $137 million
The 70-unit Citadines Suites Champs-Élysées Paris is scheduled to open in 2018, while the serviced residence that has been operating as Somerset Shinagawa Tokyo will undergo asset enhancement to reposition the property with additional apartments to be reconfigured. This is expected to be completed by the end of 2016.