TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
The improvement works will certainly include internal and exterior facelifts and enhancements to the building’s safety and security and guest management systems. Electric-vehicle chargers, solar powers, upgraded bicycle areas and upgraded end-of-trip centers will certainly also be installed.
TE Capital Partners (TEC) and LaSalle Investment Management have actually finished the acquisition of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture affiliates additionally announced that the property is going to go through enhancement designs to boost its style, technology and durability.
Terence Teo, managing director of TE Capital Partners, strongly believes the purchase will certainly capitalise on the durability of the Singapore workplace industry and the remained restoration of the Orchard Roadway precinct. “Via the upgrades to the property, we are dedicated to providing safe profits to all our stakeholders,” he adds.
“We feel the asset, that sits in the Orchard Roadway district with a traditionally minimal supply of high-specification office buildings, will relish strong capital value preservation and continue to see strong lessee demand,” says Emilia Teo, handling director of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Road, was gotten by a shared venture between TEC and a fund handled by LaSalle Investment Management for about $450 million, with the offer first announced last November.
Post-completion, TEC holds a 29.9% risk in the asset, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the remaining 20% risk in the asset via its partnership with a partner of TEC.