CapitaLandLtd.'s serviced residence unit, The Ascott Ltd., is set to snap upits first property in Docklands, Melbourne, in partnership with QatarInvestment Authority.

The group will buy a 221-unit development for A$71 millionthrough a 50/50 joint venture with the Middle Eastern partner.

The acquisition is part of Ascott's strategic partnershipwith Australian serviced apartments operator, Quest Apartment Hotels. The property,to be named Quest NewQuay Docklands, will be leased by Quest and operated underits brand when it opens in 2019.

The partnership between Ascott and Quest, formed in late2014, plans to invest up to A$500 million in new Australian properties until 2019.Ascott also holds a 20% interest in Quest, with an option to increase the staketo 30%, according to the news release.

Ascott and QIA's joint venture was formed in July 2015 aspart of a serviced residence global fund, with both partners contributing US$300million of equity each. The fund is initially focused on properties in AsiaPacific and Europe. The recent deal will be the partnership's fourthacquisition.

As of July 11, US$1was equivalent to A$1.33.