US asset manager LaSalle Investment Management and Singapore private equity firm TE Capital have teamed up to buy a freehold office building in Singapore’s Orchard Road area for an undisclosed sum.
According to LaSalle, the 11-storey Grade A building has a 99% occupancy rate and “offers a strong cash flow profile”. The company is purchasing the property through one of its funds.
“This asset is a strategic addition to the fund’s portfolio as we respond to the continued interest of global institutional investors and private investors in the Singapore’s office sector, buoyed by sustained occupier demand in this market,” Claire Tang, LaSalle’s co-chief investment officer for Asia Pacific, says in a statement announcing the acquisition on November 17.
Chicago-based LaSalle had US$78 billion of private and public real estate property and debt investment assets as of end-March 2023. Asset data for TE Capital are not publicly available.