Oakwood Worldwide and Mapletree Group have formed a joint venture to open more than 100 new corporate and serviced apartment properties around the world over the next five years.
Oakwood Worldwide and Mapletree Group have formed a joint venture to open more than 100 new corporate and serviced apartment properties around the world over the next five years.
Mapletree will acquire a 49% stake in Oakwood Asia Pacific (OAP), Oakwood Worldwide’s serviced apartment business in Asia, and will target acquiring and developing some $4 bn (€2.9 bn) worth of corporate and serviced apartment assets within Asia, Europe and North America.
In addition to the initial investment in OAP, Mapletree, a Singapore-based real estate development, investment and capital management company with operations across seven countries, will have an option to acquire additional interests in OAP following the deployment of the growth strategy.
Founded in 1960, California-based Oakwood is one of the world's largest providers of furnished and serviced corporate apartments and residences. It has 25,000 locations throughout North America, Latin America, Europe, the Middle East and Africa and the Asia Pacific region.
