TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
“We feel the investment, that sits in the Orchard Roadway precinct with a traditionally modest supply of high-specification office complex, will enjoy strong financing value preservation and remain to observe good occupant need,” says Emilia Teo, handling director of TE Capital Partners.
TE Capital Partners (TEC) and LaSalle Investment Management have completed the acquisition of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture associates additionally revealed that the development will undergo upgrade designs to enhance its layout, innovation and sustainability.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was gotten by a mutual venture in between TEC and a fund taken care of by LaSalle Investment Management for around $450 million, with the deal first announced last November.
The improvement jobs will certainly consist of internal and outside facelifts and enhancements to the building’s safety and visitor management systems. Electric-vehicle chargers, solar powers, improved bike areas and updated end-of-trip facilities will certainly also be installed.
Post-completion, TEC holds a 29.9% stake in the asset, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the property through its alliance with an associate of TEC.
Terence Teo, managing supervisor of TE Capital Allies, thinks the purchase will definitely capitalise on the power of the Singapore workplace industry and the remained renewal of the Orchard Road district. “Via the enhancements to the real estate, we are committed to providing lasting returns to all our stakeholders,” he includes.