Photo via Pixabay
Photo via Pixabay

Singapore’s Mapletree Investments announced Thursday it has acquired Los Angeles-based corporate housing broker Oakwood Worldwide.

Mapletree’s acquisition of Oakwood is part of its long-term strategy to strengthen its corporate housing and serviced apartment business.

Mapletree’s nine corporate housing and serviced apartment assets in the U.S. and Australia already were being managed under the Oakwood brand as part of a collaboration signed in 2014.

That deal saw Mapletree acquire a 49 percent stake in Oakwood’s Asia Pacific operating arm, Oakwood Asia Pacific.

Mapletree also introduced Christopher Ahearn as Oakwood’s chief executive officer.

Oakwood founder and Chairman Howard Ruby will assume a non-executive role as chairman emeritus, serving as an adviser.

“It has been my very special privilege to lead this organization for 57 years, Ruby said. It gives me great pleasure to know that the company, the associates and our clients will be in good hands with Mapletree and Christopher Ahearn at the helm.”

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 percent of Fortune 500 companies, and works with the 10 largest U.S. relocation companies.

—City News Service

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