TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The enhancement jobs will include internal and external facelifts and enhancements to the building’s safety and visitor management systems. Electric-vehicle chargers, panels, improved bicycle spots and upgraded end-of-trip facilities will 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 joint venture with a partner of TEC.
TE Capital Partners (TEC) and LaSalle Investment Management have completed the acquisition of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture partners also released that the project will undergo enhancement works to enhance its style, systems and durability.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was gotten by a mutual project in between TEC and a fund handled by LaSalle Investment Management for about $450 million, with the offer first introduced last November.
“We feel the asset, that sits in the Orchard Road precinct with a historically modest supply of high-specification office buildings, will enjoy solid financing value conservation and still see solid tenant need,” says Emilia Teo, handling director of TE Capital Partners.
Terence Teo, supervising director of TE Capital Partners, thinks the procurement will certainly capitalise on the power of the Singapore office industry and the remained renewal of the Orchard Roadway precinct. “Via the enhancements to the real estate, we are committed to delivering safe revenues to all our stakeholders,” he adds.
