TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, handling supervisor of TE Capital Allies, thinks the purchase will certainly capitalise on the strength of the Singapore office industry and the remained renewal of the Orchard Roadway district. “By means of the enhancements to the property, we are dedicated to delivering lasting revenues to all our stakeholders,” he adds.
Post-completion, TEC holds a 29.9% stake in the investment, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% risk in the asset via its joint venture with an affiliate of TEC.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Roadway, was obtained by a shared venture between TEC and a fund handled by LaSalle Financial investment Management for around $450 million, with the deal first announced last November.
TE Capital Partners (TEC) and LaSalle Investment Management have already done the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture associates in addition revealed that the project will undergo enhancement works to enhance its design, innovation and sustainability.
The enhancement works will certainly feature inner and outside renovations and enhancements to the structure’s safety and security and guest monitoring systems. Electric-vehicle chargers, solar panels, improved bicycle spots and updated end-of-trip amenities will also be installed.
“We believe the property, which settles in the Orchard Road precinct with a historically minimal supply of high-specification office complex, will enjoy good funding worth preservation and still see good lessee need,” states Emilia Teo, managing supervisor of TE Capital Partners.