Singaporean company Ascott Limited has bought a 20% stake in Australia’s Quest Serviced Apartments for AUD28.8m and says it expects to invest a further AUD500m buying new Quest properties over the next five years.

Meanwhile, the Ascott Residence Trust, will buy three Quest properties in Sydney for AUD83m.

Ascott CEO Lee Chee Koon said “we see vast potential growth opportunities” for serviced residences in Australia.

Quest Chairman Paul Constantinou said the deal will enable the company to accelerate growth “to secure 250 properties across Australia and New Zealand before the end of this decade”.

Share and Enjoy: