TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, managing supervisor of TE Capital Allies, strongly believes the procurement will capitalise on the power of the Singapore office industry and the remained renewal of the Orchard Roadway precinct. “Through the improvements to the real estate, we are committed to supplying safe profits to all our stakeholders,” he includes.
The improvement works will certainly consist of interior and outside facelifts and enhancements to the establishment’s safety and security and guest administration systems. Electric-vehicle chargers, solar panels, upgraded bicycle areas and upgraded end-of-trip amenities will also be set up.
“We think the property, which settles in the Orchard Road precinct with a historically low quantity of high-specification office complex, will relish solid financing value conservation and still view solid lessee need,” mentions Emilia Teo, managing director of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was gotten by a mutual move between TEC and a fund managed by LaSalle Investment Management for about $450 million, with the offer first introduced last November.
TE Capital Partners (TEC) and LaSalle Investment Management have done the acquisition of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture affiliates in addition revealed that the property is going to undertake upgrade works to enhance its layout, systems and sustainability.
Post-completion, TEC holds a 29.9% risk in the property, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the asset through its joint venture with an affiliate of TEC.