Ireo, Ascott in serviced apartment deal

Ireo, a private equity fund focused on real estate, has tied up with Singapore-based The Ascott Ltd to manage its upcoming Rs 400 crore serviced apartment project in Gurgaon.

The Ascott, the world’s largest serviced apartment operator, manages about 
70,000 units across 70 cities in about 22 countries. 

Ireo said the serviced apartment is a growing segment and has a lot of potential in the markets such as Gurgaon, which sees a large-scale incoming and exit of business executives.

Pankaj Dugar, hospitality head at Ireo, said, “This is our foray into the services apartment segment. We feel the segment is ignored. The Ascott Ireo city, Gurgaon, will have 220 units of serviced apartments. It is a part of an 800 acre township. Out of these, we have earmarked 160 for the rental pool, while the balance will be private residential apartments.”

Full report here DNA


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