Ascott acquires freehold serviced residence in Sydney for S$192m

Citadines Walker North Sydney is part of a 48-storey integrated development comprising office and retail components.THE Ascott Limited on Thursday said it has acquired a freehold serviced residence in the central business district of North Sydney for a sum of S$192 million through the Ascott Serviced Residence Global Fund, its global fund with Qatar Investment Authority .

To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey development comprising office and retail spaces. It will offer 252 apartments and facilities and is set to open in 2021. It has secured a total of 10,600 units this year - double the number of units signed organically for the same period last year.

Of the 14 properties, four are franchise agreements signed with Aegide Domitys, France's provider of serviced accommodation for independent seniors. These properties expand Ascott's footprint into three new cities in France - Golfe-Juan, Tours and Roanne and are slated to open from 2020 to 2023.

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