Allen & Overy has advised the Qatar Investment Authority (QIA) on its USD600 million serviced residence joint venture with The Ascott Limited. Qatar Holding LLC (one of the investment arms of QIA) and Ascott Serviced Residence (Global) Investment Pte. Ltd. (a wholly-owned subsidiary of The Ascott Limited) have each taken a 50% interest in the joint venture company, Ascott Serviced Residence (Global) Fund Pte. Ltd (the JV Company).  QIA and Ascott intend to contribute up to USD300 million each in equity to the JV Company during the investment term. 

QIA was established in 2005 as Qatar's sovereign investment fund, specialising in domestic and foreign investment. The Ascott Limited is the world's largest international serviced residence owner-operator. The purpose of the joint venture is to invest in serviced residences and rental housing properties in the Asia-Pacific region and Europe.

The Allen & Overy team was led by Chris Moore, managing partner of the Singapore office, with support from senior associate James Mythen, associates Nicole Rondy and Michelle Ho and trainee Angela Liu.

Commenting, Allen & Overy partner Chris Moore said:  “QIA have built a major global portfolio that now spans a broad range of asset classes and regions. We are delighted to have advised QIA on this milestone joint-venture in the serviced residence industry.  Allen & Overy’s Corporate Group excels at cross-border work and the majority of the firm’s transactions have a multi-jurisdictional focus. We look forward to further helping QIA achieve its overseas investment goals in the future.”