TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, supervising supervisor of TE Capital Allies, assumes the procurement will capitalise on the strength of the Singapore office industry and the remained renewal of the Orchard Roadway precinct. “Through the improvements to the real estate, we are committed to supplying sustainable revenues to all our stakeholders,” he includes.
Post-completion, TEC holds a 29.9% stake in the investment, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% stake in the asset via its joint venture with an associate of TEC.
The improvement jobs will feature inner and external facelifts and enhancements to the structure’s safety and guest monitoring systems. Electric-vehicle chargers, panels, improved bike spaces and upgraded end-of-trip centers will certainly also be installed.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Road, was acquired by a shared project between TEC and a fund managed by LaSalle Investment Management for about $450 million, with the offer first revealed last November.
TE Capital Partners (TEC) and LaSalle Investment Management have finished the acquisition of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture partners in addition released that the property is going to undertake improvement designs to increase its layout, innovation and sustainability.
“We think the asset, which lies in the Orchard Road district with a traditionally minimal quantity of high-specification office complex, will enjoy good funding worth conservation and still view solid lessee need,” states Emilia Teo, managing director of TE Capital Partners.