TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
“We believe the investment, which settles in the Orchard Road district with a historically low quantity of high-specification office complex, will enjoy solid financing worth maintenance and continue to observe strong tenant need,” says Emilia Teo, supervising supervisor of TE Capital Partners.
Terence Teo, managing director of TE Capital Allies, believes the acquisition will capitalise on the power of the Singapore workplace market and the remained rejuvenation of the Orchard Road district. “Via the enhancements to the property, we are committed to supplying lasting returns to all our stakeholders,” he adds.
TE Capital Partners (TEC) and LaSalle Investment Management have already done the acquisition of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture associates in addition released that the development will undertake upgrade works to improve its design, innovation and sustainability.
The enhancement works will include inner and exterior renovations and enhancements to the establishment’s security and visitor monitoring systems. Electric-vehicle chargers, solar panels, upgraded bike spots and updated end-of-trip facilities will also be set up.
Post-completion, TEC holds a 29.9% risk in the property, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% stake in the asset through its partnership with an associate of TEC.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was obtained by a shared move in between TEC and a fund handled by LaSalle Financial investment Management for about $450 million, with the offer first announced last November.