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

TE Capital Partners (TEC) and LaSalle Investment Management have actually finished the procurement of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture associates additionally announced that the development is going to go through improvement works to improve its style, innovation and sustainability.

Tembusu Grand City Developments Ltd & MCL Land

Terence Teo, managing director of TE Capital Allies, assumes the procurement will capitalise on the durability of the Singapore workplace industry and the remained renewal of the Orchard Road district. “Via the enhancements to the real estate, we are committed to providing lasting profits to all our stakeholders,” he adds.

The improvement works will certainly consist of inner and external renovations and enhancements to the building’s security and guest administration systems. Electric-vehicle chargers, solar panels, modernized bike areas and upgraded end-of-trip amenities will certainly also be set up.

“We feel the property, that lies in the Orchard Roadway precinct with a historically modest supply of high-specification office buildings, will appreciate strong funding value maintenance and still view strong occupant demand,” states Emilia Teo, supervising director of TE Capital Partners.

VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Road, was acquired by a mutual move in between TEC and a fund managed by LaSalle Investment Management for around $450 million, with the deal first revealed last November.

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 alliance with an associate of TEC.

error: Content is protected !!