PARIS – The Ascott Limited has acquired a S$192 million freehold serviced residence in Australia through its global fund with the Qatar Investment Authority.

The lodging business unit, which is wholly owned by Singapore’s property giant CapitaLand, said on Thursday (Sept 26) the property in Sydney is part of a 48-storey integrated development that will also have office and retail spaces.

To be named Citadines Walker North Sydney, it offers 252 apartments and will be the tallest tower in north Sydney when completed in 2021, said Ascott.

The development is located in a business district with a train station and ferry wharf nearby.

The Ascott Serviced Residence Global Fund was set up in 2015 through a 50:50 joint venture with Qatar Investment Authority.

Ascotts chief executive Kevin Goh said the latest acquisition is in line with the strategy of growing the company’s fund management portfolio through private equity funds, joint ventures and listed hospitality trusts.

“We believe in achieving scale in the business, and fund management is central to the active capital management strategy of Ascott as a dominant lodging real estate player,” he added.

Ascott has also signed 13 other properties under franchise and management contracts, it announced on Thursday in Paris, where it held an opening event for its luxury serviced residence, La Clef Champs-Elysees Paris. It is one of the assets invested by the fund.

The 13 new contracts span properties in China, France, Indonesia, Kenya and Vietnam. With the latest acquisition in Australia, Ascott says it now has $10 billion in asset value, with the 14 new properties offering a total of more than 2,200 units.

Mr Goh said the company is targeting to open another 19 properties, comprising more than 2,800 units, this year.