Mapletree snaps up US property for US$70m

MAPLETREE Investments has snapped up a property in the heart of America's Silicon Valley for US$70 million, marking its maiden acquisition in the United States.

The Temasek Holdings unit will retrofit and upgrade the property, a 184-unit, freehold apartment complex in Sunnyvale, and turn it into a modern serviced residence.

The property, to be fully owned by Mapletree, will be rebranded as Oakwood Silicon Valley under Mapletree's partnership with Oakwood Worldwide, a major operator-manager of serviced apartments.