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CapitaLand unit buys Melbourne property through joint venture

Quest Apartment Hotels will lease the serviced residence and operate it under its franchise when it opens in 2019

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Mr Lee says that the Melbourne property is the company's first acquisition in Australia in partnership with QIA

Singapore

CAPITALAND's wholly owned serviced residence business unit, The Ascott Limited, is acquiring its first serviced residence in Docklands, Melbourne, for A$71 million (S$71 million) through a 50:50 joint venture between Ascott and Qatar Investment Authority (QIA).

The

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