Ascott to Acquire Two Properties in Paris and Hanoi
Main Photo: The Somerset Metropolitan West Hanoi
Date: June 2021
Locations: 20th arrondissement Paris, France and CBD Hanoi, Vietnam
Names: livelyfhere Gambetta Paris and the Somerset Metropolitan West Hanoi – opening 2024
No. of Keys: 139 and 364
Sellers: TBA
Buyer: The Ascott Limited, Singapore company and CapitaLand’s wholly owned lodging business unit, has entered into two agreements to acquire two properties in Paris, France and Hanoi, Vietnam for about SG$210 million.
The acquisition of the two properties through the Ascott Serviced Residence Global Fund (ASRGF), Ascott’s private equity fund with Qatar Investment Authority, will boost Ascott’s total fund assets under management (FUM) to about S$8 billion. Both properties will be acquired on a turnkey basis and are expected to open in 2024.
The acquisition in Paris is a freehold asset which will be refurbished to introduce Ascott’s first co-living property in Europe under the lyf brand. Named livelyfhere Gambetta Paris, the 139-unit co-living property is located in the 20th arrondissement, near galleries, cinemas, cafés and restaurants. With this addition, Ascott has a total of 16 lyf properties with more than 3,100 units across 13 cities and nine countries in Asia Pacific and Europe.
The acquisition in Hanoi is the 364-unit Somerset Metropolitan West Hanoi. It is located in Hanoi’s new Central Business District, close to several government agencies as well as local and international corporations. Somerset Metropolitan West Hanoi is a 10-minute drive to the Vietnam National Convention Centre, the largest convention centre in Vietnam and the Noi Bai International Airport is a 30-minute drive away.
“Ascott Serviced Residence Global Fund and our sponsored hospitality trust, Ascott Residence Trust are key investment platforms to grow our FUM in a capital efficient manner. Our interests are aligned with both our private and public investors, as we put our own capital to work alongside theirs, bringing the strengths of our global reach and operating expertise to deliver the required investment returns. We are therefore seeing strong growth momentum from fee-related earnings (FRE) generated through the management of our private fund and the listed hospitality trust as well as recurring fees earned from asset management and property management.” said Kevin Goh, CapitaLand’s Chief Executive Officer for Lodging
Ascott, the company’s serviced apartment, co-living and hotel brands include Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello, Fox Lite and POP!.
Ascott currently has 17 properties in Paris, while the remaining properties are located in cities such as Cannes, Lyon, Marseille, Strasbourg, and Toulouse. In Vietnam, Somerset Metropolitan West Hanoi will increase Ascott’s portfolio to over 7,600 units across 31 properties in 10 cities. In addition to the gateway cities of Ho Chi Minh City and Hanoi, Ascott also has properties in cities such as Binh Duong, Cam Ranh, Danang, Hai Phong, Halong City, Hoi An, Nha Trang and Vung Tau.
THPT Comment: No stopping Ascott/CapitaLand, as we know…but where did all these brands spring from?
First Seen: Hospitality-On
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