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Property

Singapore's CapitaLand adds D.C., Dhaka apartments with Oakwood buy

Earnings driver Ascott gains 15,000 serviced units in 15 countries via deal

Oakwood Worldwide carries 15,000 serviced apartments stretching from Southeast Asia and China to North America. (Photo from CapitaLand's website)

SINGAPORE -- CapitaLand Investment, one of Singapore's top real estate groups, will widen the reach of its serviced apartment business with an acquisition that adds 15,000 units across 15 countries.

The group's lodging unit Ascott will buy Oakwood Worldwide from Mapletree Investments, a property arm of state investor Temasek, for an undisclosed price, CapitaLand said Monday. The transaction is expected to conclude by the end of September.

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