In a move to step up its acquisition and development of corporate housing, Singapore-based Mapletree Investments Pte Ltd. has acquired Los Angeles-based Oakwood Worldwide for an undisclosed price. The acquisition covers all of Oakwood’s global operations.
Oakwood is the largest provider of corporate housing and serviced apartments globally with a presence in more than 95 countries. Oakwood manages a portfolio of more than 50 branded properties globally.
In the US, Mapletree currently owns eight Oakwood-branded corporate housing properties with more than 1,200 units. The corporate housing properties are in Silicon Valley, Raleigh, Los Angeles, Portland, Dallas and Seattle.
It also owns a portfolio of seven student accommodation assets across six states,
“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,” said Hiew Yoon Khong, Mapletree’s Group CEO.
Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets, Khong added.