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CapitaLand’s Ascott to buy prime Australian property for $71 mil

Michelle Zhu Published on Tue, Jul 12, 2016 / 8:13 AM GMT+8

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SINGAPORE (July 12): CapitaLand's wholly-owned serviced residence business unit, The Ascott, is acquiring a 221-unit serviced residence in Docklands, Melbourne, for A$71 million ($71 million) as part of its partnership with Australian-based apartment operator Quest Apartment Hotels.

The acquisition is a first under Ascott's partnership with Quest.

It is also a 50:50 joint venture between Ascott and Qatar Investment Authority (QIA), marking Ascott’s fourth joint acquisition with QIA within seven months.

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