TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
“We think the property, which settles in the Orchard Roadway precinct with a historically minimal supply of high-specification office buildings, will relish good capital worth preservation and continue to observe strong tenant demand,” says Emilia Teo, supervising supervisor of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Roadway, was obtained by a mutual project between TEC and a fund handled by LaSalle Financial investment Management for about $450 million, with the deal first introduced last November.
The enhancement works will incorporate internal and exterior revamps and improvements to the establishment’s safety and security and guest monitoring systems. Electric-vehicle chargers, solar powers, upgraded bike spots and upgraded end-of-trip amenities will certainly also be set up.
Post-completion, TEC holds a 29.9% risk in the property, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% risk in the property via its partnership with a partner of TEC.
TE Capital Partners (TEC) and LaSalle Investment Management have already done the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture affiliates also announced that the property is going to undergo upgrade designs to increase its layout, technology and durability.
Terence Teo, supervising supervisor of TE Capital Partners, assumes the acquisition is going to capitalise on the strength of the Singapore office market and the remained rejuvenation of the Orchard Roadway district. “Via the enhancements to the real estate, we are dedicated to supplying safe profits to all our stakeholders,” he adds.
