North American asset manager Brookfield has exchanged contracts to acquire Oaktree Capital Management's serviced apartment business Saco for £430 mln (€485 mln).
Brookfield is believed to have emerged ahead of rival bidders Mapletree and Invesco.
The deal marks a first foray into the serviced apartment sector for Brookfield.
A Saco spokesperson told PropertyEU that the deal is expected to be completed by the end of February 'at which point further communications will be released'.
The business has 39 operational assets throughout the UK, nine of which are freehold and operated by design-led lifestyle Locke brand while the remainder are leased assets branded as Saco.
Additionally, the Saco platform includes over 900 rooms in its development pipeline that will be owned freehold and branded Locke once they are completed. This includes a planned expansion of the business in Amsterdam and in Dublin.
