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

TE Capital Partners (TEC) and LaSalle Investment Management have finished the purchase of VisionCrest Commercial, according to a Jan 29 announcement. The joint-venture associates in addition announced that the property is going to undertake enhancement designs to enhance its style, innovation and sustainability.

Post-completion, TEC holds a 29.9% risk in the investment, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the property through its joint venture with a partner of TEC.

Terence Teo, supervising director of TE Capital Partners, assumes the acquisition is going to capitalise on the power of the Singapore workplace market and the continued restoration of the Orchard Road district. “By means of the improvements to the property, we are dedicated to delivering lasting revenues to all our stakeholders,” he adds in.

The improvement jobs will include internal and exterior renovations and enhancements to the building’s security and visitor management systems. Electric-vehicle chargers, panels, upgraded bicycle spots and updated end-of-trip facilities will also be mounted.

Altura EC Singapore

“We believe the investment, that sits in the Orchard Roadway district with a historically modest supply of high-specification office complex, will enjoy good capital worth conservation and remain to observe solid lessee demand,” states Emilia Teo, handling director of TE Capital Partners.

VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was gotten by a mutual move in between TEC and a fund taken care of by LaSalle Financial investment Management for around $450 million, with the offer first announced last November.