CapitaLand's Unit Ascott Buys Majority Stake in Australian Apartment Hotels Firm

By Gaurav Raghuvanshi Features Dow Jones Newswires

The Ascott Ltd. Wednesday said it has signed a deal to buy an additional 60% equity stake in Quest Apartment Hotels for 180 million Australian dollars (US$137 million), making the CapitaLand Ltd. (C31.SG) unit the biggest serviced residences operator in Australia.

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The Ascott currently owns 20% of Quest and its stake will rise to 80% after the acquisition, the company said in a statement. The acquisition will add 11,000 units to The Ascott's portfolio of 67,000 units globally, it said.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

July 04, 2017 20:49 ET (00:49 GMT)