The bank will continue to occupy the buildings via a long-term leaseback agreement. Read more at straitstimes.com. Read more at straitstimes.com.
Standard Chartered has sought in the past to lease out its space there. Set as preferred source LONDON – Standard Chartered has sold its two business park assets in Singapore to Japanese investors, as part of what the British lender described as a “capital efficient” strategy.
The sale to property developer Hulic and RISA Partners, a real estate-focused investment bank, was announced by the buyers in a joint statement on Aug 5. Both Tokyo-based firms are jointly buying the assets via a platform for Japanese investors set up by Hillhouse-backed EZA Hill Property Management and TRI Investment Management.
The buildings are in Changi Business Park in the country’s east end, a traditional hub for financial firms’ back-end operations that has suffered from high vacancies in recent years. Standard Chartered has sought in the past to lease out its space there, Bloomberg News previously reported. The investors said they believed continued demand for high-quality business park space will lead to a “stable long-term performance” for the assets.
EZA Hill Co-founder Frank Ng said the moves to team up with Hulic and RISA Partners were part of the firm’s attempts to broaden its capital base to include prominent Japanese institutions. Standard Chartered’s Singapore Chief Executive Officer Patrick Lee said the bank will continue to occupy the buildings via a long-term leaseback agreement. It was “part of our strategy to be capital efficient and will provide us with long-term capacity for business growth,” he said in the statement.
Lee said that Singapore’s largest international bank continues to maintain a “significant presence” in offices across the country. The lender has in past years also
Please follow us on Google to support usSingapore Latest News, Singapore Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Changi Airport's autonomous wheelchairsDiscover Changi Airport's new autonomous wheelchairs designed to assist passengers with mobility needs in navigating terminals seamlessly. Read more at straitstimes.com. Read more at straitstimes.com.
Read more »
Changi Airport Introduces Autonomous Wheelchairs to Assist Transit PassengersChangi Airport and SATS have launched autonomous wheelchairs in Terminals 2 and 3 to help passengers with reduced mobility move independently. The service aims to reduce reliance on staff assistance and improve accessibility.
Read more »
Changi Airport begins autonomous wheelchair deployment for passengers with reduced mobilityChangi Airport and SATS will launch the first phase of autonomous wheelchair deployment, enhancing travel independence for passengers with reduced mobility and easing staff workloads during high-demand periods.
Read more »
Changi Airport deploys autonomous wheelchairs after successful trialsChangi Airport deploys autonomous wheelchairs after successful trials
Read more »