Ascott in serviced residence tie-up
SeppmMon, 17 Sep 2007 21:41:56 +00002007-09-17T21:41:56+00:0009 21 2007
(DUBAI) Ascott Group Ltd, the biggest serviced-residence operator in Asia and Europe, and a group of Middle Eastern investors have started a venture to buy and manage properties in Persian Gulf Arab states.
Bahrain-based Nuzul Holding BSC has US$100 million of start-up capital from founding shareholders including Qatar’s pension fund, Barwa Real Estate Co, and Saudi Economic & Development Co, the new company said in a statement posted on Dubai-based business website Ame Info yesterday.
‘Partnering with the reputed Ascott International has enabled us to introduce high-quality serviced residences to the Gulf states for the first time,’ Nuzul’s chairman Ali al-Obaidli said in the statement.
CapitaLand Ltd, Ascott’s parent company, in May said it agreed to invest US$130 million in a fund to develop residential and retail projects in Bahrain.
For the full report, please visit www.asia1.com.sg
Source: The Business Times
