Company Briefs: TEE Land

TEE Land

TEE Land said its wholly-owned subsidiary, TEE Hospitality, has tied up with Peter & Jan Clark (Levey Street) and Kenmooreland to set up a vehicle, TCK Commercial, to acquire commercial units and carpark lots in Sydney, Australia.

TCK Commercial is 55 per cent held by TEE Hospitality, 10 per cent owned by Clark and 35 per cent held by Kenmooreland. Clark and Kenmooreland are joint venture partners in TEE Land's Sydney hotels, Quality Hotel CKS Sydney Airport and Larmont Hotel.

TCK Commercial has so far signed three deals to acquire commercial units and carpark lots at Kings Cross Road for A$6.3 million (S$6.4 million).

Cache Logistics Trust

Cache Logistics Trust has posted flat distribution per unit of 2.14 cents for the third quarter ended Sept 30.

While gross revenue rose by 11.3 per cent to $23.1 million, net property income dipped 3.6 per cent to $18.8 million.

Its net performance was impacted by conversions of four properties from single-tenanted master leases to multi-tenancies during the year in a soft

rental market, leading to a slight increase in vacancy.

Further, Cache assumed direct obligation for property expenses including land rent, property tax and leasing expenses for the new multi-tenanted premises.

TriTech Group

TriTech Group has secured a build-operate-transfer project relating to wastewater treatment in a cultural industrial park in Chaohu, Anhui in China worth up to 500 million yuan (S$110 million).

It will undertake this project together with Asia-Pacific Diqu and Shannxi Wanling Industrial Co through a joint venture company.

The total capacity of the plant, which will be constructed in three stages, is 200,000 cubic metres a day.

Under the deal, TriTech will commission a feasibility study and design of the plant as well as organise its funding.

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A version of this article appeared in the print edition of The Straits Times on October 22, 2015, with the headline Company Briefs: TEE Land. Subscribe