| The Ascott's serviced residence global fund with 50:50 partner Qatar Investment Authority (QIA) has acquired two prime properties in Paris and Tokyo for US$104 million (S$148 million). The Ascott is the wholly-owned subsidiary of mainboard-listed Singapore property heavyweight CapitaLand.
The fund will invest another US$33 million to convert the office building in Paris, previously the private residence of the famous Hennessy family, into a luxury serviced residence as well as embark on asset enhancement to reposition the serviced residence in Tokyo, bringing the total investment to US$137 million, CapitaLand and The Ascott said yesterday in a joint release...............................................Full Article: Source
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