CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott) has entered into two agreements to acquire two properties in Paris, France and Hanoi, Vietnam for about $210 million. 

The properties are being acquired through the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s US$600 million ($807 million) private equity fund with Qatar Investment Authority that was set up in 2015 on a 50:50 joint venture basis. 

Post-acquisition, Ascott’s total fund assets under management (FUM) will increase to about $8 billion. Both properties will be acquired on a turnkey basis and are expected to open in 2024.

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