Mapletree to Enter Corporate Housing Business With Oakwood AsiaPooja Thakur
Mapletree Group, a Singapore-based investor with about $20 billion in property assets, will buy a 49 percent stake in Oakwood Worldwide’s serviced apartment business in Asia to enter the corporate housing market.
Mapletree will purchase the stake in Oakwood Asia Pacific Pte and plans to acquire and develop about $4 billion worth of corporate and serviced apartment assets in Asia, Europe and North America, the companies said in a joint statement today. Mapletree along with Oakwood plan to open more than 100 new properties around the world over the next five years, according to the statement.
This partnership “is an important step for us in our next five-year strategic growth plan,” Hiew Yoon Khong, group chief executive officer at Mapletree said in the statement. “The joint venture will help Mapletree build our operational capability in the corporate and serviced apartments sector.”
Under the agreement, Mapletree will acquire and develop serviced apartments under a license to use the Oakwood Worldwide brands in all markets managed by Los Angeles-based Oakwood outside of North America. Oakwood will also source and manage acquisition and development deals for Mapletree within North America, according to the statement.
Mapletree owned and manages S$24.6 billion ($20 billion) of office, logistics, industrial, residential and retail properties as of March 31, according to the statement. Oakwood provides corporate housing and serviced apartments through its two brands Oakwood and ExecuStay, it said.