SINGAPORE, April 30 Mapletree Group, owned by
Singapore's state investor Temasek Holdings Pte Ltd,
plans to partner with U.S.-based Oakwood Worldwide in forming a
joint venture in the serviced apartment business.
Separately, Mapletree said it will target acquiring and
developing corporate and serviced apartment assets worth about
$4 billion within Asia, Europe and North America.
"This joint venture is an important step for us in our next
five-year strategic growth plan," said Mapletree's group chief
executive officer, Hiew Yoon Khong. "The joint venture will help
Mapletree build our operational capability in the corporate and
serviced apartments sector."
Mapletree has agreed to acquire a 49 percent stake in
Oakwood Worldwide's serviced apartment business in Asia and will
have an option to increase its stake.
The joint venture plans to open more than 100 new properties
around the world in the next five years, a joint statement by
the two companies said.
Mapletree declined to disclose the size of its investment in
the joint venture.
Oakwood Worldwide, based in Los Angeles, has properties
throughout the United States and in more than 70 other
By the end of March, Mapletree owned and managed S$24.6
billion ($19.6 billion) worth of properties in office,
logistics, industrial, residential and retail sectors.
Goldman Sachs was the sold financial advisor in the
($1 = 1.25 Singapore dollars)
(Reporting by Rujun Shen; Editing by Matt Driskill)