Ascott Expands FUM with Acquisition of Two Properties in Paris and Hanoi

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(21 Jun 2021)
Ascott has entered into separate agreements to accumulate
two properties in Paris, France and Hanoi, Vietnam for about S$210
million (roughly US$156 million).

The acquisition of the 2 properties by way of the Ascott
Serviced Residence World Fund (ASRGF), Ascott’s non-public fairness
fund with Qatar Funding Authority, will increase Ascott’s complete
fund property beneath administration (FUM) to about S$8 billion.

Each
properties shall be acquired on a turnkey foundation and are anticipated to
open in 2024.

The acquisition in Paris is a freehold asset which
shall be refurbished to introduce Ascott’s first co-living property
in Europe beneath the lyf model.


Named livelyfhere Gambetta Paris (pictured),
the 139-unit property is positioned in
the twentieth arrondissement, not removed from the Sorbonne, a 10-minute
drive to Bagnolet, and close to galleries, cinemas, fashionable cafés,
eating places, avenue artwork and music venues.

With this addition,
Ascott has a complete of 16 lyf properties with greater than 3,100 items
throughout 13 cities and 9 international locations in Asia Pacific and Europe.

The acquisition in Hanoi is the 364-unit Somerset
Metropolitan West Hanoi. It’s positioned in Hanoi’s new Central
Enterprise District, near a number of authorities businesses in addition to
native and worldwide firms. Somerset Metropolitan West
Hanoi is a 10-minute drive to the Vietnam Nationwide Conference
Centre, the biggest conference centre in Vietnam and the Noi Bai
Worldwide Airport is a 30-minute drive away.

Mr Kevin Goh, CapitaLand’s Chief Govt Officer
for Lodging stated, “Ascott Serviced Residence World Fund and our
sponsored hospitality belief, Ascott Residence Belief are key
funding platforms to develop our FUM in a capital environment friendly
method. Our pursuits are aligned with each our non-public and public
traders, as we put our personal capital to work alongside theirs,
bringing the strengths of our world attain and working experience
to ship the required funding returns. We’re due to this fact
seeing robust development momentum from fee-related earnings (FRE)
generated by way of the administration of our non-public fund and the
listed hospitality belief in addition to recurring charges earned from
asset administration and property administration.”

Mr Goh added, “Our acquisition of those two prime
properties in France and Vietnam is in step with Ascott’s ambition
to broaden our world lodging enterprise. With a presence in over 190
cities throughout over 30 international locations, the dimensions of our operations
worldwide offers Ascott beneficial entry to proprietary deal
flows. We need to work with like-minded capital companions to
arrange new funds to broaden in resilient asset courses, equivalent to
co-living and pupil lodging, to speed up our FUM and FRE
development. Concurrently, we proceed to safe extra third-party
administration contracts and franchises to extend Ascott’s property
price revenue.”

With the acquisition of livelyfhere Gambetta Paris
and Somerset Metropolitan West Hanoi, there shall be eight
properties with near 1,700 items held beneath the ASRGF.

The
fund has 5 operational properties – Ascott Sudirman Jakarta,
Citadines Islington London, La Clef Champs-Élysées Paris, lyf
Funan Singapore, and Quest NewQuay Docklands Melbourne. Citadines
Walker North Sydney is slated to open in 2022.

Ascott’s Presence in France and Vietnam

Ascott has established a robust presence in France
and Vietnam, having been working in these international locations for extra
than 35 years and over 25 years respectively.

With the addition of livelyfhere Gambetta Paris, Ascott could have over 3,500 items in
34 properties throughout 13 cities in France. Ascott at present has 17
properties in Paris, whereas the remaining properties are positioned in
cities equivalent to Cannes, Lyon, Marseille, Strasbourg, and Toulouse.

In Vietnam, Somerset Metropolitan West Hanoi will
enhance Ascott’s portfolio to over 7,600 items throughout 31
properties in 10 cities. Along with the gateway cities of Ho
Chi Minh [Saigon] and Hanoi, Ascott additionally has properties in cities such
as Binh Duong, Cam Ranh, Danang, Hai Phong, Halong Metropolis, Hoi An,
Nha Trang and Vung Tau.

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