TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The improvement works will include inner and exterior facelifts and renovations to the building’s safety and guest administration systems. Electric-vehicle chargers, panels, modernized bicycle spots and updated end-of-trip centers will certainly also be set up.
TE Capital Partners (TEC) and LaSalle Investment Management have already done the procurement of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture associates in addition revealed that the development will undergo upgrade works to improve its style, technology and sustainability.
“We feel the investment, that settles in the Orchard Roadway district with a historically modest source of high-specification office complex, will appreciate solid capital worth preservation and remain to observe strong occupant need,” states Emilia Teo, handling supervisor of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was acquired by a joint move between TEC and a fund managed by LaSalle Financial investment Management for about $450 million, with the deal first announced last November.
Terence Teo, handling supervisor of TE Capital Allies, assumes the acquisition will certainly capitalise on the power of the Singapore workplace market and the continued renewal of the Orchard Roadway district. “By means of the enhancements to the real estate, we are dedicated to providing sustainable revenues to all our stakeholders,” he includes.
Post-completion, TEC holds a 29.9% stake in the investment, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% stake in the asset via its joint venture with an associate of TEC.