Mapletree, the Singapore-based real estate company, has completed a major deal to acquire Oakwood, the global serviced apartment company.
The agreement, which follows Mapletree’s previous acquisition of a 49% stake in Oakwood Asia Pacific, forms part of the company’s long-term strategy to expand in the corporate housing and serviced apartment sector. Mapletree already owned nine Oakwood-branded properties in the US and Australia, following an initial collaboration pact signed in 2014.
“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 Hiew Yoon Khong, Mapletree’s group CEO.
He added that Mapletree plans to “step up” the acquisition and development of serviced apartments across the US, Europe and Asia Pacific in future, to be operated under the Oakwood brand.
Following the acquisition, former Oakwood executive Christopher Ahearn has been named as the company’s new CEO.
“I am delighted to be returning to Oakwood as the new CEO,” Ahearn said. “I look forward to working with our associates… to align and evolve Oakwood’s 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 Oakwood’s operations.”
Oakwood is the world’s largest provider of corporate housing and serviced apartments globally, with a presence in more than 95 countries. In addition to its extensive supply chain inventory, the company manages a portfolio of more than 50 branded properties around the world.
In addition to the nine Mapletree properties operated by Oakwood in the US and Australia, Mapletree is currently developing three serviced apartment properties in Japan and Vietnam and one additional asset in the US, all of which will be managed by Oakwood.