Tesla intends to use the building at 17 Lorong 8 Toa Payoh for its showroom, technical support and service centre as well as corporate office. Photo: Firmus Capital

Tesla has leased a building at 17 Lorong 8 Toa Payoh for up to 20 years, announced Firmus Capital.

The private equity real estate investment manager has acquired the property under its newly launched Firmus Opportunity Fund VCC, and has agreed to lease the whole building to Tesla Motors Singapore Private Limited, a fully-owned subsidiary of US-based electric car maker Tesla Inc.

With a gross lettable area of 59,049 sq ft, the property occupies a 58,743 sq ft site with prominent frontage along the main road.

Currently, the building is undergoing asset enhancement works, said Firmus Capital, noting that Tesla intends to use it for its showroom, technical support and service centre as well as corporate office.

“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,” said Lim Su Kiat, Fund Manager of Firmus Opportunity Fund VCC.

“The long lease term of this investment underpins the sound and stable returns that we aim to deliver to our investors.”

Launched in March under the Variable Capital Companies framework promoted by the Monetary Authority of Singapore (MAS), Firmus Opportunity Fund VCC is “working to close its second acquisition within this quarter”.

Upon completion of this second acquisition, the fund will have $200 million in assets under its management.

Source: CommercialGuru, 2 August 2021