Ascott grabs 80% stake in US-based Synergy

The $46.7m buy is its second majority-stake acquisition for July.

Ascott Limited (Ascott), CapitaLand's serviced residence business arm, acquired an 80% stake in US-based company Synergy Global Housing (Synergy) for $46.7m.

It is Ascott's second majority-stake acquisition for the month.

In a statement, the company said, "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."

The acquisition will triple Ascott's portfolio in the US from 1,000 units to 3,000 units.

Synergy owns Global Solution Centres in Dublin, Ireland; Hyderabad, India; and Singapore. The company also offers apartment rentals to corporate clients. It also has clients in the renowned Silicon Valley in San Francisco’s Bay Area.