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 countries.
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 transaction.
($1 = 1.25 Singapore dollars) (Reporting by Rujun Shen; Editing by Matt Driskill)