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Mapletree Investments announced Wednesday (28 August) that it has acquired The Cascades (pictured), a 184-unit freehold apartment complex in Sunnyvale, Silicon Valley in the United States.
The group said the complex will be fully owned by Mapletree and will be rebranded as Oakwood Silicon Valley following an asset enhancement initiative to retrofit and upgrade the property into a serviced apartment development. Oakwood Silicon Valley sits on a 214,000 sq ft plot of land, and has a gross building area of about 210,000 sq ft spread over six apartment blocks.
This marks the group’s first acquisition of a serviced apartment following its collaboration with Oakwood Worldwide in April.
Chua Tiow Chye, Mapletree’s Group Chief Investment Officer, said: “This maiden acquisition of Oakwood Silicon Valley marks a good start to our partnership with Oakwood… While this is our first serviced apartment venture in the US, the liquidity and transparency of the market will provide opportunities for us to participate in its recovering economy and scale up our business.”
It is noted that Mapletree takes a 49% stake in Oakwood Asia Pacific, the operator-manager of serviced apartments under the Oakwood brand in the Asia Pacific region and outside of North America.
Separately, Mapletree will make investments to acquire, develop and own serviced apartment assets in Asia, Europe and North America, which will be managed under the Oakwood brand, the release said.
Looking forward, Mapletree says it will continue to seek new investment opportunities in this asset class in Asia, the US and Europe.
Image source: Mapletree Investments
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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