Mapletree Investments Pte, a real estate investment and development company announces the acquisition of Oakwood Worldwide. This operation is part of the group’s growth strategy on the corporate housing and serviced apartments segment. The company’s portfolio has nine units located in the United States, in Europe and in Asia Pacific. By this operation, Mapletree acquires a 49 percent stake in Oakwood’s Asia Pacific operating arm, Oakwood Asia Pacific.
Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer said: “This acquisition is strategic and commercially significant to Mapletree. Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business. In addition, Oakwood is a reputable global brand and we intend to continue strengthening its presence.”
Christopher Ahearn was also appointed CEO of the group. He has a rich experience in the sector, especially as Senior Advisor, TPG Capital. From 2005 to 2010 he also was Senior Vice-president Sales & Marketing forOakwood. Howard Ruby, Founder of Oakwood will be Chairman Emeritus of Oakwood where he will serve an advisory role to Oakwood on the corporate housing business.
Oakwood was created in 1960 and has a three-brand portfolio: Oakwood, ExecuStay and Insurance Housing Solutions. The company is established in 95 countries and in all the States of America. Mapletree is a real estate company whose headquarter is based in Singapore. Its investments concern office space, residences, industries and student residences (it has 7 in the United States of America) and also apartments with services for business clientele, totaling 1,200 keys already operated by Oakwood.