TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The enhancement works will certainly incorporate internal and exterior facelifts and enhancements to the structure’s security and visitor administration systems. Electric-vehicle chargers, solar panels, modernized bike areas and updated end-of-trip facilities will also be set up.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was acquired by a joint move between TEC and a fund handled by LaSalle Investment Management for around $450 million, with the deal first announced last November.
Post-completion, TEC holds a 29.9% stake in the asset, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the asset with its partnership with an associate of TEC.
Terence Teo, managing director of TE Capital Allies, assumes the purchase will definitely capitalise on the strength of the Singapore workplace industry and the remained restoration of the Orchard Roadway precinct. “Via the upgrades to the real estate, we are dedicated to supplying sustainable returns to all our stakeholders,” he adds in.
“We think the property, that settles in the Orchard Road district with a traditionally modest supply of high-specification office buildings, will relish strong capital worth conservation and still see good lessee demand,” says Emilia Teo, managing director of TE Capital Partners.
TE Capital Partners (TEC) and LaSalle Investment Management have already completed the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture partners also released that the property is going to undertake improvement works to improve its layout, technology and durability.
