Mapletree in serviced apartment venture

Singapore

MAPLETREE Group has struck a deal for a corporate and serviced apartment joint venture that aims to open more than 100 new properties around the world over the next five years.

The group said yesterday that it would take a 49 per cent stake in Oakwood Asia Pacific (OAP), US-based Oakwood Worldwide's serviced apartment business in Asia. It also plans to acquire and develop US$4 billion worth of corporate and serviced apartment assets in Asia, Europe and North America.

"The joint venture will draw on Mapletree's expertise in Asia and Oakwood Wordwide's strengths in Europe and North America to more than triple the number of branded Oakwood buildings across the globe," said Mapletree. It added that it would have an option to "acquire additional interests in OAP following the successful deployment of …