The Ascott snags 80% stake in US corporate housing player

Singapore

MARKING its first foray into corporate housing and entry into the US West Coast, The Ascott Ltd is paying US$33.7 million for 80 per cent of Synergy Global Housing, which operates a large portfolio of leased properties.

The deal triples Ascott's portfolio from over 1,000 units to about 3,000 units in the US, and raises its global portfolio to nearly 70,000 units.

The expansion by CapitaLand's serviced residence arm in the US comes on the heels of its recent move in Australia, where it increased its stake in Quest Apartment Hotels to 80 per cent by buying another 60 per cent for A$180 million (S$191 million).

In a briefing on Monday, The Ascott's CEO Lee Chee Koon said this asset-light strategy, which is …