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singapore-137-market-street

137 Market Street, Singapore

AsiaEquity Partners acquired 137 Market Street, a building located in Singapore’s CBD, to seed a private equity syndicate, AsiaEquity Ventures I. A cornerstone investor in the syndicate eventually exercised its right to subscribe for all the planned units to be issued by the syndicate. Thus, AsiaEquity Partners exited from the investment as part of the transaction and realised an enterprise gain of S$12 million for organising the venture without drawing upon any equity.

Strategy Refurbishment
Property Type CBD office building
Role Deal originator & Investment manager
Purchase Price S$42.9 M
Refurb Expense S$29.1 M
Disposal Price S$94.5 M
Net Equity IRR >30%
55-market-street

55 Market Street, Singapore

Acquired for S$34.1 million in Nov 2004 through a private equity syndicate with the intent to refurbish and add net lettable space. The property syndicate raised S$54.6 million through equity subscription and debt financing. Prior to the completion of refurbishment, the property was sold to Fraser Commercial REIT for S$72.5 million after less than a 2 year hold period. The equity investors in the syndicate achieved more than a 50% IRR net of fees and taxes.

Strategy Refurbishment
Property Type CBD office building
Role Bond arranger, Deal originator & Investment manager
Purchase Price S$34.1 M
Refurb Expense S$20.5 M
Disposal Price S$72.5 M
Net Equity IRR >35%
60-robinson-road

60 Robinson Road, Singapore

AsiaEquity Partners’ Injaz Fund acquired this property in Jan 2006, as its seed asset for S$43 million. The extremely well-positioned property was suffering from ‘ownership fatigue’ and was ideal for refurbishment. Through careful redesign, an additional 25,000sf of new lettable space was created (circa 58% of initial NLA). Within 6 months of its acquisition, the property was pre-committed and sold to The Bank of East Asia for S$94.5 million. Total investment by the Fund was S$72million.

Strategy Refurbishment
Property Type CBD office building
Role Deal originator & Investment manager
Purchase Price S$34.6 M
Refurb Expense S$42.4 M
Disposal Price S$105 M
Net Equity IRR >50%

kenanga-building

Kenanga Building, Kuala Lumpur

AsiaEquity’s Injaz Fund acquired the property in May 2007 under an innovative Asset-Backed Securitization (ABS) structure organized by AEP. The ABS program raised a total of RM198 million that covered the purchase of the property and the estimated refurbishment costs. After a 30-month hold period, the property was pre-committed to a local superfund for the ABS to be collapsed at a realized value of RM252 million. The Fund, as the equity-class bondholders, achieved an IRR in excess of 25% IRR for this investment.

Strategy Refurbishment
Property Type CBD office building
Role Deal originator & Investment manager
Purchase Price RM165 M
Refurb Expense RM30 M
Disposal Price RM252 M
Net Equity IRR >30%

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