Mapletree Investments has acquired Oakwood Worldwide, a global provider of corporate housing and serviced apartment solutions.
The acquisition covers all of Oakwood’s global operations.
As part of the deal, Mapletree has appointed Christopher Ahearn to the role of chief executive of Oakwood with immediate effect.
Oakwood’s founder, Howard Ruby, will assume the non-executive role of chairman emeritus at Oakwood, where he will serve in an advisory role to Oakwood on the corporate housing business.
Mapletree’s acquisition of Oakwood is part of its long-term strategy to strengthen its corporate housing and serviced apartment business.
Currently, all of Mapletree’s nine corporate housing and serviced apartment assets in the United States and Australia are managed under the Oakwood brand as part of a collaboration signed in 2014.
The collaboration also saw Mapletree acquire a 49 per cent stake in Oakwood’s Asia Pacific operating arm, Oakwood Asia Pacific.
Mapletree is a holding of Singapore-based Temasek Holdings, which also owns Singapore Airlines.
As of December, Mapletree owned and managed $26.6 billion in office, retail, logistics, industrial, residential, corporate housing, serviced apartments and student housing, according to the company.
Hiew Yoon Khong, Mapletree Group chief executive, said: “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.
“Furthermore, Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests.
“We will be looking at markets across the US, Europe and Asia Pacific, which are also regions where Oakwood is a well-regarded brand.”
Ahearn, as Oakwood’s newly appointed chief, will draw from his vast experience in growing and improving the operating performance of companies, which he gained while serving as senior advisor to TPG Capital.
Ahearn explained: “I am delighted to be returning to Oakwood as the new chief executive.
“I look forward to working with our associates, the heart of our organisation, 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 largest provider of corporate housing and serviced apartments globally with a presence in more than 95 countries.
The company serves more than 80 per cent of Fortune 500 companies, and works with the ten largest US relocation companies.
In addition to a vast supply chain inventory, Oakwood manages a portfolio of more than 50 branded properties globally.
Financial details of the transaction were not disclosed.