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

Published Tue, Jul 12, 2016 · 09:50 PM

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 purchase of the 221-unit property is part of Ascott's A$500 million strategic partnership with Quest Apartment Hotels, one of the largest serviced apartment operators in Australia. In a filing to the bourse operator on Tuesday, CapitaLand said that Quest will lease the serviced residence, which will be named Quest NewQuay Docklands, and operate it under Quest's franchise when the property opens in 2019.