Ascott acquires $202 million North Sydney development

The Ascott Limited, a Singapore-based subsidiary of CapitaLand, is investing $202 million in a freehold serviced residence in the Central Business District of North Sydney, through a global fund with Qatar Investment Authority (QIA).

The residence is part of a 48-storey integrated development which also has office and retail components.

The complex will be named Citadines Walker North Sydney.

It will be the tallest tower in North Sydney upon its completion in 2021. 

The Singapore-based company further announced the acquisition and the signing of 13 other properties under franchise and management contracts at the grand opening of La Clef Champs-Élysées Paris in France.

These 14 new properties offer more than 2,200 units.

"This latest acquisition in Australia is in line with our strategy of growing our fund management portfolio through private equity funds, joint ventures and listed hospitality trusts – all of which provide a core asset base for our asset management business,’ said Ascott’s Chief Executive Officer, Kevin Goh.

With this latest acquisition in Australia, as well as the signing of 13 management and franchise contracts across China, France, Indonesia, Kenya and Vietnam, Ascott has achieved a purported $10 billion in asset value.