TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
TE Capital Partners (TEC) and LaSalle Investment Management have actually completed the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture affiliates in addition revealed that the project is going to undergo improvement efforts to boost its design, innovation and durability.
Terence Teo, managing supervisor of TE Capital Allies, strongly believes the acquisition is going to capitalise on the strength of the Singapore office market and the remained restoration of the Orchard Road precinct. “By means of the enhancements to the real estate, we are dedicated to providing sustainable revenues to all our stakeholders,” he adds in.
Post-completion, TEC holds a 29.9% stake in the property, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the asset with its partnership with a partner of TEC.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was acquired by a mutual venture in between TEC and a fund managed by LaSalle Financial investment Management for around $450 million, with the deal first revealed last November.
“We believe the property, which sits in the Orchard Road precinct with a traditionally minimal quantity of high-specification office complex, will relish strong funding worth maintenance and remain to observe strong tenant demand,” states Emilia Teo, managing director of TE Capital Partners.
The enhancement jobs will include interior and exterior renovations and renovations to the establishment’s safety and security and visitor management systems. Electric-vehicle chargers, solar panels, modernized bike spots and upgraded end-of-trip facilities will certainly also be installed.