The acquisition, according to The Ascott, will increase its global portfolio by 81 properties and about 15,000 units. Oakwood’s approximately 8,500 operational units are seen to contribute to Ascott’s recurring fee income streams upon completion of the transaction, which is slated in 3Q 2022.
The Ascott, CapitaLand Investment’s (CLI) wholly owned lodging business unit, is acquiring serviced apartment provider Oakwood Worldwide, from Mapletree Investments.
Both CLI and Mapletree Investments share the same ultimate parent entity in the form of Temasek Holdings. The proposed transaction amount wasn’t disclosed in the announcement out before the market opened on July 4.
