Tue, 21 February 2017

Mapletree Acquires Oakwood Worldwide

Mapletree Investments, a Singapore-based real estate development, investment and capital management company, has acquired Oakwood Worldwide, a provider of corporate housing and serviced apartment solutions.

The acquisition covers all of Oakwoods global operations.

Mapletree has appointed Mr. Christopher Ahearn as Oakwoods Chief Executive Officer with immediate effect, while Oakwoods Founder and Chairman Mr. Howard Ruby will assume the non-executive role of Chairman Emeritus at Oakwood, where he will serve in an advisory role to Oakwood on the corporate housing business.

All of Mapletrees nine corporate housing and serviced apartment assets in the United States and Australia are managed under the Oakwood brand as part of a collaboration signed in 2014. The collaboration also saw Mapletree acquire a 49% stake in Oakwoods Asia Pacific operating arm, Oakwood Asia Pacific.

Mapletree Investments, a Singapore-based real estate development, investment and capital management company, has acquired Oakwood Worldwide

 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, said Mr. Hiew Yoon Khong, Mapletrees Group Chief Executive Officer. Furthermore, 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 Oakwoods 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.

Mr. Ahearn, as Oakwoods new CEO, will draw from his vast experience in growing and improving the operating performance of companies, which he gained while serving as Senior Advisor to TPG Capital. He will also capitalise on the industry knowledge he acquired while serving as Oakwoods Senior Vice President of Sales and Marketing from 2005 to 2010.

Mr. Ahearn, CEO of Oakwood, said, I am delighted to be returning to Oakwood as the new CEO. Howard is a pioneer in this industry and I am honoured to have been entrusted to carry forth his legacy and lead the company into this new chapter under Mapletrees ownership. I look forward to working with our associates, the heart of our organization, to align and evolve Oakwoods global capabilities and innovative offerings in order to better meet the ever-changing needs of our clients and guests. We are committed to a seamless transition of ownership with minimal disruption to Oakwoods operations.

Oakwood manages a portfolio of more than 50 branded properties globally.

In addition to the nine Mapletree properties operated by Oakwood (US and Australia), Mapletree is currently 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.

Financial terms of the deal have not been disclosed.

See other recent news regardingem>: : Mapletree Oakwood, Serviced Apartments, Residences.

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