Ascott Group teaming up with Mitsubishi Estate to acquire prime Tokyo site

Ascott Group is teaming up with Mitsubishi Estate to buy a prime site in Tokyo’s Shinjuku district.

Ascott will hold a 40 percent stake in a joint venture company to be set up to develop the site, while Mitsubishi will hold the remaining 60 percent stake.

The partners plan to demolish an existing office building on the site.

After which, they will build a 160-unit serviced residence to be named Citadines Tokyo Shinjuku.

This will be Ascott’s first Citadines-branded serviced residence in Japan.

It will invest S$40m of the S$102m project cost.

Ascott will manage Citadines Tokyo Shinjuku for five years with an option to renew the contract for another five years.

Source: Channel NewsAsia, 30 January 2007 

Join The Discussion

Compare listings