TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was obtained by a mutual venture between TEC and a fund taken care of by LaSalle Financial investment Management for around $450 million, with the offer first introduced last November.
Post-completion, TEC holds a 29.9% stake in the asset, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the continuing 20% risk in the property through its partnership with an affiliate of TEC.
TE Capital Partners (TEC) and LaSalle Investment Management have already finished the procurement of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture affiliates in addition announced that the property will undertake improvement designs to enhance its layout, systems and sustainability.
“We believe the property, that sits in the Orchard Roadway precinct with a historically low quantity of high-specification office complex, will relish good funding worth maintenance and remain to see strong tenant need,” mentions Emilia Teo, managing director of TE Capital Partners.
The enhancement works will incorporate interior and external renovations and renovations to the establishment’s security and visitor administration systems. Electric-vehicle chargers, solar powers, modernized bicycle spots and updated end-of-trip centers will also be installed.
Terence Teo, supervising supervisor of TE Capital Allies, strongly believes the acquisition is going to capitalise on the durability of the Singapore workplace market and the continued renewal of the Orchard Roadway district. “By means of the upgrades to the property, we are committed to supplying lasting profits to all our stakeholders,” he adds.