CapitaLand’s Ascott global fund to invest US$137m in Paris and Tokyo assets

It has acquired properties in both cities for US$104m.

CapitaLand’s wholly owned serviced residence business unit continues to bolster its portfolio in key gateway cities, as it plans to invest $191m in maiden assets in the capital cities of France and Japan together with Qatar Investment Authority.

According to a statement by Ascott, together with its acquisition of two prime properties in Paris and Tokyo for $145m, it will invest another $46m to convert the office building in Paris into a luxury serviced residence and embark on asset enhancement to reposition the serviced residence in Tokyo.

“The 70-unit Citadines Suites Champs-Élysées Paris is slated to open in 2018 while the serviced residence that has been operating as Somerset Shinagawa Tokyo since acquisition will undergo asset enhancement to reposition the property with additional apartments to be reconfigured. This is expected to be completed by end 2016,” the statement said.

With the acquisitions, the statement says Ascott now has over 43,000 units across 277 properties in 95 cities.