TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The improvement works will certainly consist of interior and exterior revamps and renovations to the establishment’s safety and security and guest administration systems. Electric-vehicle chargers, solar powers, upgraded bicycle spaces and upgraded end-of-trip amenities will also be installed.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Road, was obtained by a shared venture in between TEC and a fund managed by LaSalle Financial investment Management for about $450 million, with the offer first revealed last November.
Post-completion, TEC holds a 29.9% risk in the property, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the property through its joint venture with an associate of TEC.
Terence Teo, handling director of TE Capital Partners, strongly believes the purchase will definitely capitalise on the stability of the Singapore workplace market and the remained rejuvenation of the Orchard Road precinct. “By means of the enhancements to the property, we are committed to providing lasting profits to all our stakeholders,” he includes.
TE Capital Partners (TEC) and LaSalle Investment Management have done the acquisition of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture partners in addition revealed that the property will undergo enhancement designs to increase its layout, systems and sustainability.
“We think the asset, that sits in the Orchard Roadway precinct with a traditionally minimal supply of high-specification office complex, will enjoy solid financing value conservation and continue to view good tenant need,” mentions Emilia Teo, managing supervisor of TE Capital Partners.
