Skip to main content
June 2024
CURRENT ISSUE
AAM Magazine
June 2024
Back to news

US asset manager LaSalle and Singapore’s TE Capital buy office building in Orchard Road

Claire Tang, co-chief investment officer for Asia Pacific at LaSalle, says the office building is a “strategic addition” to the fund’s portfolio
By Goh Thean Eu   
November 20, 2023

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.