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Oakwood buys Chicago apartment building
US: Oakwood has acquired Jones Chicago by Mapletree, a 25-storey residential property at 220 West Illinois Street, in Chicago's River North neighbourhood.
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Editor's comment
15-01-1-2019
The acquisition of a Chicago apartment building by Oakwood is a great example of the synergy that can be created when a significant investor is the ultimate owner of an operating company.
Oakwood, which is owned by Singapore-based Mapletree Investments, is benefitting hugely from its parent company’s acquisition and investment strategy - and the combination is essentially an opco and a propco under one roof.
Even before Mapletree acquired Oakwood in 2017 it tested the water by appointing the company to operate a number of newly acquired assets in the US, and clearly liked what it saw. When Oakwood CEO Chris Ahearn took the role he was immediately excited by the synergy: “We're going to benefit significantly from Mapletree's expertise in investment and investment management - that's something Oakwood did 20 years ago - but it excites me to be able to lean on that element of Mapletree. The fact that Mapletree is an intentioned investor is great - they do want to invest in assets, and as they invest they are looking to Oakwood to be the operating company."
Since the Oakwood deal, we have seen Brookfield’s acquisition of SACO result in a significant boost in the speed at which the Locke brand is being rolled out - another example of how institutional investors can capitalise on owning an operating company.
There are several serviced apartment companies - some purely operators and some with significant real estate assets - which are very attractive investment opportunities, and I expect to see some big sector deals getting across the line in 2019.
George Sell, editor
george@internationalhospitality.media
Katie Houghton
Group head of media and events
+44 (0)7535 135 116
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