TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements

VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was acquired by a joint 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.

Post-completion, TEC holds a 29.9% risk in the asset, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the continuing 20% risk in the asset through its alliance with an associate of TEC.

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The enhancement works will incorporate interior and exterior facelifts and renovations to the establishment’s safety and security and visitor administration systems. Electric-vehicle chargers, panels, improved bicycle spots and upgraded end-of-trip facilities will certainly also be mounted.

“We believe the property, that lies in the Orchard Roadway precinct with a historically minimal supply of high-specification office complex, will relish strong funding value preservation and continue to see strong tenant need,” says Emilia Teo, managing supervisor of TE Capital Partners.

Terence Teo, handling supervisor of TE Capital Partners, strongly believes the purchase will certainly capitalise on the power of the Singapore office market and the remained rejuvenation of the Orchard Roadway precinct. “Via the improvements to the property, we are committed to delivering lasting profits to all our stakeholders,” he includes.

TE Capital Partners (TEC) and LaSalle Investment Management have already finished the procurement of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture associates also released that the property is going to go through upgrade works to boost its layout, technology and sustainability.

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