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Firmus Capital To Lease Toa Payoh Property To Tesla For Up To 20 Years [July 2021 press release]

SINGAPORE, 29 July 2021 – Private equity real estate investment manager Firmus Capital Pte Ltd (“Firmus” or “the Company”) has marked its maiden transaction under the Company’s newly-launched Firmus Opportunity Fund VCC (“the Fund”), with the completion of its acquisition of the property at 17 Lorong 8 Toa Payoh, in a deal brokered by OrangeTee Advisory.
On the back of this acquisition, the Company has entered into a lease agreement with Tesla Motors Singapore Private Limited (“Tesla”), a wholly-owned subsidiary of US-based electric vehicle maker, Tesla Inc. The agreement will see Tesla leasing the entire property from the Fund for total lease term of up to 20-years.
The property has a prominent frontage along the main road which occupies a land parcel of approximately 58,743 sq ft, has a gross lettable area of 59,049 sq ft and provides easy access via the PIE and TPE. The building is currently undergoing asset enhancement works and will house a modern showroom for Tesla’s electric vehicles, a technical support and service centre, as well as Tesla’s corporate office.
Mr Lim Su Kiat, Fund Manager of Firmus Opportunity Fund VCC, said, “Firmus has been actively investing in Australia over the past years, and we are very encouraged that our initial investment Singapore has taken off smoothly with a strong partner in Tesla. The long lease term of this investment underpins the sound and stable returns that we aim to deliver to our investors.”
Firmus Opportunity Fund VCC was launched in March 2021 under the Variable Capital Companies framework promoted by the Monetary Authority of Singapore (“MAS”). The Fund is working to close its second acquisition within this quarter, and will have $200m in assets under management upon its successful completion.
About Firmus Capital
Established in 2017, Firmus Capital Pte Ltd is a private equity real estate investment manager operating under the Capital Markets Services License (CMS No.100838) issued by the Monetary Authority of Singapore (MAS) and the Financial Services Licence (AFSL) issued by the Australian Securities & Investments Commission (ASIC). The Company offers fully integrated investment and property management services for Accredited Investors. Firmus has offices in Singapore and Australia, and established relationships with local partners in other key cities in the Asia Pacific region. More information on the Company can be found at www.firmus.com.sg.
Contact for media and investors:
Yvette Choo
yvette.choo@firmus.com.sg