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

Terence Teo, handling supervisor of TE Capital Allies, thinks the acquisition is going to capitalise on the power of the Singapore office industry and the continued rejuvenation of the Orchard Roadway precinct. “Via the enhancements to the real estate, we are dedicated to delivering sustainable returns to all our stakeholders,” he adds.

TE Capital Partners (TEC) and LaSalle Investment Management have actually done the purchase of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture partners in addition announced that the property will undertake upgrade efforts to increase its layout, technology and durability.

Post-completion, TEC holds a 29.9% risk in the investment, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the remaining 20% risk in the property via its partnership with a partner of TEC.

The Botany at Dairy Farm condominium

VisonCrest Commercial, an 11-storey Grade-An office complex at 103 Penang Road, was acquired by a mutual venture between TEC and a fund managed by LaSalle Financial investment Management for around $450 million, with the deal first introduced last November.

The improvement works will certainly incorporate internal and exterior renovations and improvements to the structure’s security and visitor administration systems. Electric-vehicle chargers, solar powers, modernized bike areas and updated end-of-trip facilities will also be set up.

“We feel the asset, which settles in the Orchard Roadway precinct with a historically modest quantity of high-specification office buildings, will appreciate good capital value preservation and remain to view solid lessee need,” mentions Emilia Teo, supervising supervisor of TE Capital Partners.

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