TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
TE Capital Partners (TEC) and LaSalle Investment Management have done the procurement of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture affiliates additionally announced that the property is going to go through upgrade designs to increase its style, systems and sustainability.
“We believe the property, which lies in the Orchard Roadway district with a historically modest supply of high-specification office complex, will relish good financing worth maintenance and continue to observe strong tenant need,” mentions Emilia Teo, managing supervisor of TE Capital Partners.
Post-completion, TEC holds a 29.9% risk in the property, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the continuing 20% stake in the asset with its alliance with an affiliate of TEC.
The improvement works will feature inner and external facelifts and enhancements to the structure’s safety and security and guest administration systems. Electric-vehicle chargers, solar powers, modernized bicycle areas and upgraded end-of-trip facilities will certainly also be mounted.
Terence Teo, supervising supervisor of TE Capital Allies, believes the purchase is going to capitalise on the strength of the Singapore workplace market and the remained restoration of the Orchard Roadway precinct. “Through the enhancements to the real estate, we are dedicated to providing sustainable returns to all our stakeholders,” he adds.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was gotten by a joint venture in between TEC and a fund managed by LaSalle Investment Management for around $450 million, with the deal first revealed last November.
