Ascott acquires 80% stake in US accommodation provider Synergy Global Housing

SINGAPORE (July 24): The Ascott, CapitaLand’s serviced residence unit, is acquiring an 80% stake in Synergy Global Housing, a leading accommodation provider in the US where it leases apartments from partners and property owners to rent to corporate clients.

The net asset value of the stake was valued at US$4.7 million ($6.4 million) as at June 30.

In particular, this investment will give Ascott an immediate presence and access to corporations based in Silicon Valley, which include high-tech powerhouses boasting achievements and influence that extend well beyond the San Francisco Bay Area.

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