Australia: Daiwa Living has teamed up with Japanese developer Cosmos Initia Co to jointly purchase 75 per cent of Waldorf Australia and New Zealand Group.
Founded in Sydney in 1982, Waldorf operates more than more than 1,500 apartments in Sydney, Central Coast, Canberra, Leura, Geraldton, Perth and Auckland.
Daiwa Living manages around 500,000 rental housing properties across Japan. Both it and Cosmos Initia are subsidiary companies of Daiwa House Industry Co. Ltd, the largest publicly listed construction and development company in Japan.
“The sale to DLM Group will bring forward our plans to further improve services and allow the business to expand significantly in the coming years,” said Waldorf Group founding director and CEO Avi Rubinstein. “We expect to grow our business to more than 5,000 apartments in time and this will greatly enhance our brand awareness and increase our competitiveness. Serviced apartments are an attractive alternative to Hotels as they offer spacious, high quality self -contained accommodation at reasonable prices and they are becoming increasingly attractive to domestic and international tourists as well as to the corporate traveller.”
The existing owners of Waldorf will continue their involvement in the business as directors and their main focus will be acquiring new properties for the group.
In September last year Daiwa House signalled its intention to become a major player in the South-east Asian serviced apartment sector.
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