TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, handling supervisor of TE Capital Partners, strongly believes the purchase will certainly capitalise on the strength of the Singapore office industry and the continued rejuvenation of the Orchard Roadway precinct. “Via the enhancements to the property, we are dedicated to providing lasting returns to all our stakeholders,” he includes.
Post-completion, TEC holds a 29.9% risk in the investment, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% risk in the property through its alliance with a partner of TEC.
The enhancement jobs will include internal and outside renovations and renovations to the structure’s safety and guest administration systems. Electric-vehicle chargers, solar powers, upgraded bike areas and updated end-of-trip centers will also be set up.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Roadway, was obtained by a joint project between TEC and a fund managed by LaSalle Financial investment Management for around $450 million, with the deal first announced last November.
“We feel the investment, that settles in the Orchard Roadway precinct with a historically modest source of high-specification office buildings, will enjoy good funding value maintenance and continue to see solid tenant demand,” states Emilia Teo, managing supervisor of TE Capital Partners.
TE Capital Partners (TEC) and LaSalle Investment Management have already finished the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture partners additionally released that the property will undertake upgrade designs to increase its layout, technology and sustainability.
