Mapletree Investments buys apartment complex in Silicon Valley
Published on Aug 27, 2014 12:21 PM
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.
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