(MENAFN) Qatar Investment Authority is set to sign a joint venture agreement (JV) with Singapore's CapitaLand to raise up a USD600 million serviced residence finance, Muscat Daily reported.
The new joint venture is dubbed 'The Ascott Ltd' and is dedicating the fund for a prime focus over Asia Pacific and Europe. CapitaLand eyes launching 6 new funds with total assets under management (AUM) of up to USD10 billion by 2020.
"With Ascott's newly set up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five real estate investment trusts (REITs) with AUM worth over USD43 billion," CapitaLand CEO said in a statement.
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