TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, handling director of TE Capital Partners, believes the purchase will capitalise on the stability of the Singapore workplace market and the remained renewal of the Orchard Roadway precinct. “By means of the upgrades to the real estate, we are dedicated to supplying safe returns to all our stakeholders,” he adds.
Post-completion, TEC holds a 29.9% stake in the property, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the remaining 20% stake in the property with its joint venture with a partner of TEC.
“We believe the investment, which lies in the Orchard Road precinct with a historically modest source of high-specification office complex, will relish solid funding worth preservation and continue to see solid occupant need,” states Emilia Teo, managing supervisor of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was obtained by a shared project between TEC and a fund managed by LaSalle Investment Management for about $450 million, with the deal first revealed last November.
TE Capital Partners (TEC) and LaSalle Investment Management have actually finished the purchase of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture affiliates also announced that the development will go through improvement efforts to boost its style, systems and durability.
The enhancement works will certainly consist of inner and exterior renovations and enhancements to the structure’s security and guest monitoring systems. Electric-vehicle chargers, panels, upgraded bicycle areas and updated end-of-trip centers will certainly also be mounted.