Ascott expands portfolio

SINGAPORE, 5 August 2022: CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) is acquiring a freehold asset in Tokyo, Japan, via the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority.

The asset will be refurbished to introduce Ascott’s first lyf-branded coliving property in the city. The acquisition follows Ascott’s signing of over 7,500 units in 1H 2022, a 32% increase compared to last year.

Ascott opened 20 properties with more than 4,500 units in the first half of 2022, a 56% year-on-year increase in units. In addition, Ascott has recently completed its acquisition of Oakwood Worldwide (Oakwood) in July 2022, expanding its portfolio by about 15,000 units to over 153,000 units across over 900 properties. The newly signed and opened properties and the addition of Oakwood will further boost Ascott’s recurring fee income.

The 140-unit co-living property to be named lyf Ginza Tokyo is ASRGF’s fourth acquisition in 2022, deploying close to SGD400 million across four countries in under five months. Slated to open in June 2023, lyf Ginza Tokyo is set to meet the lodging demand of conglomerates and start-ups located nearby and cater to leisure travellers visiting the capital city. With the acquisition of lyf Ginza Tokyo, ASRGF will hold 12 properties with over 2,300 units across 91 countries.