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 acquisition of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture affiliates also released that the property is going to undertake improvement works to improve its design, technology and sustainability.
“We believe the investment, which sits in the Orchard Roadway precinct with a traditionally modest supply of high-specification office buildings, will appreciate strong capital value conservation and continue to view good occupant demand,” mentions Emilia Teo, supervising supervisor of TE Capital Partners.
The enhancement works will certainly include internal and exterior renovations and enhancements to the building’s safety and visitor administration systems. Electric-vehicle chargers, panels, improved bike spaces and updated end-of-trip centers will certainly also be installed.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Roadway, was acquired by a joint project between TEC and a fund managed by LaSalle Investment Management for around $450 million, with the offer first revealed last November.
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% stake in the property with its alliance with an associate of TEC.
Terence Teo, supervising director of TE Capital Partners, thinks the purchase will capitalise on the strength of the Singapore workplace industry and the continued restoration of the Orchard Roadway district. “Through the improvements to the real estate, we are dedicated to supplying lasting returns to all our stakeholders,” he adds in.
