TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The improvement jobs will incorporate internal and outside facelifts and renovations to the structure’s safety and guest management systems. Electric-vehicle chargers, solar powers, upgraded bicycle areas and updated end-of-trip facilities will certainly also be set up.
Terence Teo, supervising director of TE Capital Partners, assumes the purchase will capitalise on the strength of the Singapore office industry and the remained restoration of the Orchard Roadway precinct. “Via the enhancements to the property, we are committed to supplying lasting profits to all our stakeholders,” he adds.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was acquired by a shared project in between TEC and a fund handled by LaSalle Investment Management for about $450 million, with the offer first announced last November.
Post-completion, TEC holds a 29.9% risk in the asset, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the property through its partnership with an associate of TEC.
TE Capital Partners (TEC) and LaSalle Investment Management have actually done the acquisition of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture affiliates also announced that the development is going to undergo upgrade works to boost its style, technology and sustainability.
“We think the asset, which sits in the Orchard Road precinct with a historically minimal supply of high-specification office buildings, will relish strong capital worth conservation and still see strong lessee demand,” mentions Emilia Teo, managing director of TE Capital Partners.