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Clifford Chance has advised The Ascott Ltd, the serviced residence business unit of Singapore's CapitaLand, on its 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, according to Reuters.

The Clifford Chance team was led by partner Valerie Kong, who was supported by partners Leng-Fong Lai and Raymond Tong.

Ascott is the world's largest international serviced residence owner-operator, with a portfolio spanning over 92 cities across 26 countries.

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