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Ascott buys 80% stake in Synergy Global Housing in the US at $46.7 mil

angela.teo@bizedge.com
Updated

CapitaLand’s wholly-owned unit, The Ascott, has bought an 80% stake in Synergy Global Housing, for US$33.7 million ($46.7 million). The move triples Ascott’s portfolio in the US from about 1,000 units to 3,000 units.

It will increase Ascott’s global portfolio to 70,000 units, and give Ascott direct access to Synergy’s corporate clients based in Silicon Valley, says Lee Chee Koon, CEO of Ascott. In turn, Ascott will provide accommodation options for Synergy’s clients outside of the US.

Synergy leases units in properties such as Mosso in San Francisco (below), from partners and property owners, to rent to corporate clients in the US. The remaining 20% stake in Synergy will be held by its co-founders, Henry Luebbert and Jack Jensky, who sold the majority stake in Synergy to Ascott.

Mosso in San Fransisco
Mosso in San Fransisco
Source: Ascott

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