Singapore-based, The Ascott Limited (Ascott), is investing A$202.2 million in a new, 48-storey freehold serviced residence in North Sydney’s CBD. Ascott is one of the world’s largest international lodging owner-operators.
The investment is being made by the Ascott Serviced Residence Global Fund, which is a 50:50 joint venture with the Qatar Investment Authority.
Called the Citadines Walker North Sydney, the integrated high-rise development will include 252 serviced apartments, offices and retail components. When completed in 2021, the building will be North Sydney’s tallest tower.
‘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,’ says Kevin Goh, Ascott’s CEO.
‘Ascott enjoys deep presence in many key gateway cities across various lodging segments, from serviced residences, hotels, co-living apartments to leasing apartments,’ he adds. ‘This provides a ready pipeline of assets like Citadines Walker North Sydney for capital deployment.’
The Walker North Sydney facilities will include a restaurant, rooftop bar, meeting rooms, business centre, executive lounge and fitness centre.
The Ascott Group’s three brands – Ascott, Somerset and Citadines – operate in 55 cities in 23 countries. The group has almost 15,000 serviced residences, including properties in Australia, as well as some 6,000 units under development