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Mapletree, Oakwood ink mega-bucks deal

PropertyGuru

Mapletree Group and US-based Oakwood Worldwide have signed a massive deal to open more than 100 new properties around the world over the next five years.

Mapletree, a real estate development, investment and capital management company headquartered in Singapore, will acquire a 49 percent stake in Oakwood Asia Pacific, Oakwood's serviced apartment business in Asia.

"The joint venture will help Mapletree build our operational capability in the corporate and serviced apartments sector. This sector is another key asset class which we are confident of building into a world class platform with Oakwood as a partner," said Mapletree Group CEO Hiew Yoon Khong.

The partnership aims to acquire and develop some US$4 billion worth of corporate and serviced apartment assets in Asia, Europe and North America.

Mapletree will do so under a license to use the Oakwood Worldwide brands in all markets outside of North America. Oakwood Worldwide will also source and manage acquisition and development deals for Mapletree within North America.

Image: Hiew Yoon Khong (left), Group CEO of Mapletree Investments and Howard Ruby (right), Chairman, Founder and CEO of Oakwood Worldwide.

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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