Mapletree goes asset-shopping in LA for US$4b

It targets to open 100 new properties globally.

Mapletree is the latest to join the list of Singapore-based real estate developers to shop for overseas assets as property market turns a bit sour for local developers back home.

Oakwood Worldwide and Mapletree Group have signed a corporate and serviced apartment joint venture that aims to open more than 100 new properties around the world over the next five years. Mapletree will acquire a 49 percent stake in Oakwood Asia Pacific Pte, Ltd., Oakwood Worldwide’s serviced apartment business in Asia, and will target acquiring and developing some US$4 billion worth of corporate and serviced apartment assets within Asia, Europe and North America.

Oakwood Worldwide has branded properties throughout the U.S., London and in the Asia Pacific region where OAP manages the Oakwood-branded properties. These serviced apartments are located in China, Hong Kong, India, Indonesia, Japan, Korea, the Philippines and Thailand.