Mapletree acquires Oakwood Worldwide, appoints new Oakwood CEO

SINGAPORE (Feb 17): Mapletree Investments has acquired Oakwood Worldwide, a US-based provider of housing and serviced apartment solutions, for an undisclosed sum.

In a Thursday announcement, the property development, investment and capital management unit of Temasek, says the acquisition is part of its long-term strategy to strengthen its corporate housing and serviced apartment business.

The group has also announced the appointment of Christopher Ahearn, a former Oakwood executive, as Oakwood’s CEO with immediate effect.

Meanwhile, Oakwood’s founder and chairman Howard Ruby, who has led the group for the past 57 years, will assume the non-executive role of the company’s chairman emeritus where he will serve in an advisory role on the corporate housing business.

All of Mapletree’s nine corporate housing and serviced apartment assets in the US and Australia are currently managed under the Oakwood brand as part of a collaboration signed in 2014, which also saw Mapletree’s acquisition of a 49% stake in Oakwood’s Asia Pacific arm, Oakwood Asia Pacific.

The group adds that it is in the midst of developing three serviced apartment properties in Japan and Vietnam as well as one other asset under development in the US, which will be managed by Oakwood Worldwide upon completion.

Hiew Yoon Khong, Mapletree’s group CEO, highlights the strategic and commercial significance of the latest acquisition, which he believes will allow the group to “enhance efficiencies and the growth momentum of [the group’s] corporate housing and serviced apartment business”.

“Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests. We will be looking at markets across the US, Europe and Asia Pacific, which are also regions where Oakwood is a well-regarded brand,” shares Hiew.

With a presence in more than 95 countries, Oakwood serves more than 80% of Fortune 500 companies, and works with the 10 largest relocation companies in the US. — theedgemarkets.com.sg

For more stories, download TheEdgeProperty.com pullout here for free.