CAPITALAND Investment’s : 9CI 0% wholly-owned lodging business, The Ascott, will acquire a freehold asset in Tokyo, Japan through its private equity fund with the Qatar Investment Authority.

This is the fund’s fourth acquisition this year, having deployed around S$400 million across 4 countries within 5 months, Ascott said in a press statement on Thursday (Aug 4).

Slated for opening in June 2023, Ascott will refurbish the asset into a 140-unit co-living property named lyf Ginza Tokyo. It is within the vicinity of shopping district Ginza and commercial districts Nihonbashi and Yaesu.

Ascott said the property will help meet the lodging demand of conglomerates and startups located nearby, as well as cater to leisure travellers.

The acquisition of lyf Ginza Tokyo brings the number of assets held by the Ascott Serviced Residence Global Fund to 12, comprising 2,300 units across 9 countries.

The fund has 5 operational properties – Ascott Sudirman Jakarta, La Clef Champs-Élysées Paris, Citadines Islington London, lyf Funan Singapore and Quest NewQuay Docklands Melbourne.

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The remaining 7 properties are under development. Other than lyf Ginza Tokyo, Somerset Metropolitan West Hanoi, Citadines Canal Amsterdam, Citadines Walker North Sydney, lyf Bondi Junction Sydney and lyf Gambetta Paris are slated to open in 2024. Somerset Hangzhou Bay Ningbo is expected to open in 2025, Ascott said.

The move comes as Ascott announces that the number of units it signed in the first half of 2022 rose 32 per cent to more than 7,500 units. Ascott also completed its acquisition of Oakwood during the half-year period.