King & Wood Mallesons (KWM) has acted for Ascott Holdings Limited, a wholly owned subsidiary of CapitaLand Limited, on its A$180 million acquisition of a 60% stake in Quest Apartment Hotels.

This acquisition will increase Ascott’s stake in Quest from 20% to 80%, making the Singapore-based company the largest serviced residence provider in Australasia.

The KWM team advised Ascott on all aspects of the acquisition. Partner Adrian Perkins led the transaction and was supported by Kate Lindner, Daniel Dressler, Angus Morris and Sam Monk.

Perkins said “We are delighted to have advised Ascott on its significant investments in Quest and to promote Ascott's growth in Australia.  This is a great example of KWM using its outstanding cross border transaction capabilities in Asia to support quality organisations like Ascott on their strategic investments."

With 180 properties located in regional and metropolitan areas across Australia, New Zealand and Fiji, the Quest acquisition will boost Ascott’s portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally.

KPMG advised Ascott on tax matters. Clayton Utz acted for the Founders (Sellers). (Will not be included in the release, just a note for trad journalists in case they ask).