TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Post-completion, TEC holds a 29.9% stake in the investment, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the continuing 20% stake in the property through its partnership with an associate of TEC.
TE Capital Partners (TEC) and LaSalle Investment Management have actually done the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture partners also revealed that the property is going to undertake improvement designs to increase its design, innovation and sustainability.
Terence Teo, handling supervisor of TE Capital Partners, strongly believes the purchase will capitalise on the stability of the Singapore workplace market and the continued renewal of the Orchard Roadway district. “Through the enhancements to the property, we are committed to providing safe revenues to all our stakeholders,” he adds in.
“We feel the property, which sits in the Orchard Road district with a historically low source of high-specification office complex, will enjoy strong financing worth preservation and continue to see strong occupant demand,” states Emilia Teo, managing director of TE Capital Partners.
The improvement works will feature interior and exterior renovations and renovations to the structure’s safety and visitor management systems. Electric-vehicle chargers, solar powers, improved bike spots and upgraded end-of-trip facilities will also be set up.
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 managed by LaSalle Investment Management for around $450 million, with the offer first announced last November.
