Industry Update
Press Release24 July 2017

Ascott Notches Up Business Transformation With Acquisition Of 80% Stake In Synergy Global Housing In U.S.

Second majority-stake acquisition within a month as Ascott gathers momentum to surpass global portfolio target of 80,000 units well ahead of 2020

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The Ascott Group

CapitaLand's wholly owned serviced residence business unit, The Ascott Limited (Ascott), is acquiring an 80% stake in Synergy Global Housing (Synergy), a leading accommodation provider in the U.S., for US$33.7 million (approximately S$46.7 million).

The acquisition will expand Ascott's footprint in the U.S. and strengthen its extensive range of international-class serviced residences for corporate customers worldwide. It will also triple Ascott's portfolio from over 1,000 units to about 3,000 units in the U.S. This acquisition is yet another move to transform Ascott's global operating platform following hot on the heels of its investment in Quest Apartment Hotels earlier this month, which will leapfrog Ascott to become the largest serviced residence provider in Australasia.

In addition to Global Solution Centres in Dublin, Ireland, Hyderabad, India and Singapore, Synergy has a strong foothold in the U.S., where it leases apartments from partners and property owners to rent to corporate clients. In particular, this investment will give Ascott an immediate presence and access to corporations based in Silicon Valley, which include high-tech powerhouses boasting achievements and influence that extend well beyond the San Francisco Bay Area.

About The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 180 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.

Ascott has more than 66,000 operating units and close to 46,000 units under development, making a total of more than 112,000 units in over 700 properties.

The company’s serviced residence and hotel brands include Ascott, Citadines, Citadines Connect, Somerset, Quest, The Crest Collection, lyf, Préférence, Vertu, Harris, Fox, Yello and POP!.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2019 for ‘Leading Serviced Apartment Brand’ in Europe and the Middle East; Business Traveller Asia-Pacific Awards 2019 for 'Best Serviced Residence Brand'; DestinAsian Readers’ Choice Awards 2019 for ‘Best Serviced Residence Brand’; and TTG China Travel Awards 2019 for ‘Best Serviced Residence Operator in China’.

For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.

About CapitaLand Limited

CapitaLand Limited (CapitaLand) is one of Asia's largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth over S$103 billion4 as at 31 March 2019. CapitaLand's portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 200 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.

CapitaLand has one of the largest real estate investment management businesses globally. It manages eight listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand's REITs and business trusts have expanded to include Ascendas Reit, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust, CapitaLand Malaysia Mall Trust and Ascendas Hospitality Trust.

Visit www.capitaland.com for more information.

Contact
Joan Tan
Assistant Vice President, Corporate Communications
Phone: +65 6713 2864
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