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Mapletree Investments has acquired Oakwood Worldwide, a global provider of corporate housing and serviced apartment solutions.
In a statement, Mapletree revealed that the acquisition covers all of the global operations of Oakwood, and will see the appointment of Christopher Ahearn as Oakwood’s CEO. It is part of the company’s “long-term strategy to strengthen its corporate housing and serviced apartment business”.
Currently, all of Mapletree’s nine corporate housing and serviced apartment assets in Australia and the US are managed under the Oakwood brand as part of a 2014 collaboration.
Under this deal, Mapletree also acquired a 49 percent stake in Oakwood Asia Pacific.
“This acquisition is strategic and commercially significant to Mapletree. Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business. In addition, Oakwood is a reputable global brand and we intend to continue strengthening its presence,” said Mapletree’s Group CEO, Hiew Yoon Khong.
“Furthermore, Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests. We will be looking at markets across the US, Europe and Asia Pacific, which are also regions where Oakwood is a well-regarded brand.”
Aside from the nine properties operated by Oakwood in Australia and the US, Mapletree is developing three serviced apartment properties in Japan and Vietnam, as well as one other asset under development in the US that is set to be managed by Oakwood upon completion.
With a presence in over 95 countries, Oakwood is the world’s biggest provider of corporate housing and serviced apartments. The company works with the 10 biggest relocation companies in the US, and serves over 80 percent of Fortune 500 companies.
Image: Oakwood Portland Pearl District is one of the eight operational serviced apartments owned by Mapletree and managed by Oakwood in the US. Source: Mapletree Investments
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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