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CapitaLand Investment Limited (CLI) has taken a stride forward with the establishment of the CapitaLand Ascott Residence Asia Fund II (CLARA II), aimed at addressing the escalating demand for lodging properties in key Asia Pacific markets.
With a target equity size of US$600 million (S$800 million), CLARA II succeeds the Ascott Serviced Residence Global Fund (ASRGF) and underscores CLI’s strategic focus on investing in serviced residences and coliving properties across pivotal gateway cities.
About the fund structure, that includes CLI retaining a 20% sponsor stake in CLARA II, ensuring robust alignment with investors and partners while fostering growth in fund management.
Drawing on the operational prowess of The Ascott Limited (Ascott), CLARA II aims to curate a portfolio of resilient and green-certified lodging assets.
Moreover, CLARA II has achieved its first close, garnering equity commitments from institutional investors spanning Europe and Asia, while the fund is poised to acquire two cornerstone assets.
The initial acquisitions encompass a 50% stake in the dynamic 308-unit lyf Bugis Singapore, situated in Bugis and a 100% stake in the 200-unit lyf Shibuya Tokyo, positioned in Tokyo’s Shibuya district. About their date of opening, the lyf Bugis Singapore is going to be unveiled in mid-2024 and the lyf Shibuya Tokyo will open in the 4th quarter of 2024.
“Combining CLI’s investment management capabilities and Ascott’s expertise in operating lodging properties worldwide under our award-winning brands, we are well-positioned to support the growth of our private funds.” – Mr Kevin Goh, Chief Executive Officer for CLI Lodging and Ascott.
Concerning the amenities, both lyf-branded properties feature shared spaces, including coworking lounges and social kitchens. Moreover, there will be tailored programs and amenities overseen by dedicated Ambassadors of Buzz.
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