Ascott acquires first lyf coliving property in Sydney through its serviced residence global fund

Expands lyf brand with the opening of Ascott's first lyf property in Australia, lyf Collingwood Melbourne, and the eighth lyf property to open globally
By: CapitaLand Investment Limited
 
SINGAPORE - June 2, 2022 - PRLog -- CapitaLand Investment Limited's (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) is acquiring its first lyf-branded coliving property in Sydney, Australia. The acquisition of the freehold asset is made via the Ascott Serviced Residence Global Fund (ASRGF), Ascott's private equity fund with Qatar Investment Authority. This is ASRGF's third investment in 2022, following the acquisition of Somerset Hangzhou Bay Ningbo and Citadines Canal Amsterdam in March 2022. To date, ASRGF has invested in 12 properties for close to US$500 million. ASRGF has since divested its first property at returns that outperformed its expected underwriting.

To be named lyf Bondi Junction Sydney, the 197-unit coliving property is slated to open in 2024 and is set to meet the lodging needs of transient young professionals, business and leisure travellers in the city. The coliving property is strategically located in Bondi Junction, Sydney's fifth largest business district and one of the city's most affluent residential areas. lyf Bondi Junction Sydney enjoys excellent links to Sydney's public transportation network and is a short drive to Sydney's central business district (CBD). The iconic Bondi Beach is a seven-minute drive away. Guests at lyf Bondi Junction Sydney can look forward to vibrant city and community living with several prominent food & beverage, leisure, sporting and entertainment offerings in the immediate vicinity.

Mr Kevin Goh, CLI's Chief Executive Officer for Lodging, said: "As a vertically-integrated global lodging business with a strong foothold in Asia, Ascott is able to leverage our full suite of real estate investment and management capabilities to add another quality asset to ASRGF's portfolio. lyf has proven to not only be a popular but resilient brand. lyf one-north Singapore, owned by Ascott Residence Trust, has a strong occupancy rate of about 90%  since its opening in November 2021. lyf Funan Singapore, which is owned by ASRGF, opened in 2019 and it also enjoys a robust average occupancy rate of almost 90% , outperforming its peers despite COVID-19."

For full release: https://bit.ly/AscottSydMel

Contact
Olivia Lim
***@capitaland.com
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Email:***@capitaland.com
Tags:Coliving
Industry:Real Estate
Location:Singapore - Singapore - Singapore
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