SINGAPORE - Mapletree Investments has acquired The Cascades Apartments, a 184-unit freehold apartment complex in Silicon Valley in the United States, for US$70 million (S$87.4 million), the company said on Wednesday.
It intends to retrofit and upgrade the property into serviced apartments, and rebrand the complex as Oakwood Silicon Valley.
Mapletree said this is its first acquisition of a serviced apartment asset following its collaboration with Oakwood Worldwide in April, under which Mapletree took a 49 per cent stake in Oakwood Asia Pacific. The latter operates and manages serviced apartments under the Oakwood brand in Asia Pacific and outside North America.
Oakwood helped to find the Silicon Valley property and facilitate its acquisition by Mapletree.
The property sits on a 214,000 sq ft land site and has a gross building area of about 210,000 sq ft spread across six apartment blocks. It has facilities including a swimming pool, children's playground and clubhouse.
"This maiden acquisition of Oakwood Silicon Valley marks a good start to our partnership with Oakwood," said Mapletree's group chief investment officer Chua Tiow Chye.
"Mapletree will continue to seek new investment opportunities in this asset class in Asia, the US and Europe," he added.