CapitaLand Partners Qatar Investment Authority For US$600 Million Fund

CapitaLand’s serviced residence business unit, The Ascott (Ascott), has established a 50:50 joint venture company with Qatar Investment Authority (QIA) to set up a serviced residence fund with an initial focus on the Asia Pacific and Europe regions.

Ascott and QIA intend to contribute up to US$600 million which will be drawn down progressively on an equal basis based on the financial requirements of the joint venture company.

With a target to launch six new funds with total assets under management (AUM) of up to $10 billion by 2020, this joint venture is part of the group’s efforts to grow its fund management business and pursue market opportunities with blue chip capital partners.

With Ascott’s newly set up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five real estate investment trusts with AUM worth over $43 billion.

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