The Qatar Investment Authority-backed Ascott Serviced Residence Global Fund (ASRGF) has acquired a residential tower in China and another in the Netherlands for a combined total of S$190m (€127m)

The unlisted fund, managed by Ascott, the lodging business or CapitaLand Investment, bought the China tower in Ningbo, in China’s Zhejiang province, and the second building in Amsterdam.

The assets will be managed under Ascott’s serviced apartments trading brands of Somerset and Citadines.

The company said the 206-unit Somerset Hangzhou Bay Ningbo would be completed in 2025. The acquisition in Amsterdam will be refurbished and unveiled in 2023 as Citadines Canal Amsterdam.

With the acquisition of the two assets, the fund will own 10 properties with close to 2,000 units. Five of these are already in operation in Jakarta, Paris, London, Singapore and Melbourne. Currently, Ascott has projects under development in Sydney, Paris, and Vietnam.

Kevin Goh, CapitaLand Investment’s chief executive officer for lodging, said: “We will continue to work with our capital partners to grow our funds under management through investment vehicles such as ASRGF and our newly-established student accommodation development venture.”

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