Singapore's CapitaLand said its serviced residence business unit, The Ascott, entered into a joint venture with Qatar Investment Authority to set up a $600 million serviced residence fund with an initial focus on Asia Pacific and Europe.

The 50-50 tie-up with the Gulf Arab state's sovereign wealth fund is part of CapitaLand's target to launch six new funds with total assets under management (AUM) of up to S$10 billion ($7.4 billion) by 2020, it said.

"With Ascott's newly set up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five real estate investment trusts (REITs) with AUM worth over S$43 billion," CapitaLand CEO Lim Ming Yan said in a statement. – Reuters