TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Post-completion, TEC holds a 29.9% risk in the investment, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the property via its partnership with an associate of TEC.
The improvement works will feature internal and exterior facelifts and renovations to the structure’s security and guest administration systems. Electric-vehicle chargers, panels, modernized bicycle spaces and upgraded end-of-trip facilities will certainly also be installed.
TE Capital Partners (TEC) and LaSalle Investment Management have finished the procurement of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture partners additionally announced that the project will go through improvement designs to boost its layout, systems and sustainability.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was obtained by a shared venture between TEC and a fund taken care of by LaSalle Investment Management for around $450 million, with the offer first revealed last November.
“We feel the investment, that lies in the Orchard Road precinct with a traditionally low quantity of high-specification office buildings, will relish good funding value maintenance and still view solid lessee demand,” says Emilia Teo, supervising supervisor of TE Capital Partners.
Terence Teo, handling director of TE Capital Allies, thinks the acquisition will definitely capitalise on the strength of the Singapore workplace market and the continued renewal of the Orchard Roadway district. “Via the upgrades to the real estate, we are dedicated to supplying sustainable revenues to all our stakeholders,” he adds in.