TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, managing supervisor of TE Capital Allies, thinks the acquisition is going to capitalise on the stability of the Singapore office industry and the remained renewal of the Orchard Road district. “By means of the upgrades to the real estate, we are committed to delivering safe profits to all our stakeholders,” he adds in.
TE Capital Partners (TEC) and LaSalle Investment Management have finished the procurement of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture partners additionally released that the development will undertake enhancement works to enhance its style, systems and durability.
The enhancement jobs will certainly include interior and external facelifts and renovations to the structure’s security and visitor monitoring systems. Electric-vehicle chargers, panels, modernized bicycle areas and updated end-of-trip facilities will also be installed.
“We think the property, which sits in the Orchard Roadway district with a historically minimal source of high-specification office buildings, will appreciate good capital value maintenance and still see good lessee demand,” says Emilia Teo, managing supervisor of TE Capital Partners.
Post-completion, TEC holds a 29.9% risk in the investment, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the asset through its partnership with an associate of TEC.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was obtained by a joint move in between TEC and a fund handled by LaSalle Financial investment Management for around $450 million, with the deal first announced last November.