TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The improvement jobs will certainly incorporate interior and outside facelifts and renovations to the structure’s security and guest administration systems. Electric-vehicle chargers, panels, upgraded bicycle spaces and updated end-of-trip amenities will also be installed.
TE Capital Partners (TEC) and LaSalle Investment Management have already done the procurement of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture associates additionally revealed that the property will undertake enhancement works to improve its design, innovation and durability.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Road, was acquired by a shared project between TEC and a fund taken care of by LaSalle Investment Management for around $450 million, with the deal first announced last November.
Terence Teo, managing supervisor of TE Capital Allies, thinks the acquisition will definitely capitalise on the strength of the Singapore office industry and the remained restoration of the Orchard Roadway district. “Via the upgrades to the real estate, we are dedicated to supplying lasting revenues to all our stakeholders,” he includes.
Post-completion, TEC holds a 29.9% stake in the property, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% risk in the asset through its partnership with a partner of TEC.
“We think the investment, that lies in the Orchard Roadway district with a historically minimal supply of high-specification office buildings, will appreciate solid capital value maintenance and still see good occupant demand,” states Emilia Teo, supervising director of TE Capital Partners.
