TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Road, was gotten by a shared project in between TEC and a fund handled by LaSalle Investment Management for about $450 million, with the offer first introduced last November.
The improvement works will certainly feature interior and outside renovations and enhancements to the structure’s safety and guest administration systems. Electric-vehicle chargers, panels, modernized bike spots and upgraded end-of-trip centers will also be mounted.
“We feel the property, which lies in the Orchard Roadway precinct with a historically minimal quantity of high-specification office complex, will relish good funding value maintenance and remain to see good tenant demand,” states Emilia Teo, handling supervisor of TE Capital Partners.
Terence Teo, supervising supervisor of TE Capital Partners, thinks the purchase will certainly capitalise on the power of the Singapore office industry and the remained renewal of the Orchard Roadway district. “Through the upgrades to the real estate, we are committed to delivering safe profits to all our stakeholders,” he adds in.
Post-completion, TEC holds a 29.9% risk in the property, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% risk in the asset through its partnership with an affiliate of TEC.
TE Capital Partners (TEC) and LaSalle Investment Management have actually completed the acquisition of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture affiliates additionally announced that the project is going to go through upgrade works to boost its layout, technology and durability.