Singapore Ascott In Middle East, N Africa Property Pact
SINGAPORE (Dow Jones)–Ascott Group Ltd. (A07.SG) said Monday it will partner a fund that plans to buy at least 15 residential properties in North Africa and the Middle East by 2010.
Under an agreement with Bahrain-based Addax Investment Bank, Ascott will manage the serviced residences and advise on their redevelopment, the company said in a statement.
Ascott is the serviced apartments arm of Singapore-based CapitaLand Ltd. (C31.SG), Southeast Asia’s largest property developer by market capitalization.
Addax will set up and manage an investment fund that will finance acquisition of the properties.
More: sg.biz.yahoo.com
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