TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
TE Capital Partners (TEC) and LaSalle Investment Management have finished the procurement of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture affiliates in addition announced that the development will go through enhancement efforts to boost its design, technology and sustainability.
Post-completion, TEC holds a 29.9% risk in the asset, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the property with its partnership with an associate of TEC.
“We feel the property, that lies in the Orchard Roadway district with a historically minimal quantity of high-specification office complex, will enjoy good financing worth conservation and still view strong lessee need,” mentions Emilia Teo, managing supervisor of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Roadway, was acquired by a shared venture between TEC and a fund taken care of by LaSalle Financial investment Management for about $450 million, with the deal first announced last November.
Terence Teo, supervising director of TE Capital Allies, strongly believes the purchase will definitely capitalise on the strength of the Singapore office industry and the continued rejuvenation of the Orchard Road precinct. “By means of the enhancements to the property, we are dedicated to supplying safe profits to all our stakeholders,” he adds in.
The improvement jobs will consist of interior and exterior revamps and renovations to the building’s safety and security and guest monitoring systems. Electric-vehicle chargers, solar panels, modernized bike areas and upgraded end-of-trip centers will certainly also be installed.
