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

Post-completion, TEC holds a 29.9% risk in the asset, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the remaining 20% risk in the asset via its partnership with an affiliate of TEC.

The improvement works will consist of interior and exterior facelifts and improvements to the establishment’s safety and security and guest administration systems. Electric-vehicle chargers, panels, upgraded bicycle areas and updated end-of-trip amenities will certainly also be mounted.

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

TE Capital Partners (TEC) and LaSalle Investment Management have already done the procurement of VisionCrest Commercial, according to a Jan 29 news release. The joint-venture partners in addition released that the development is going to undertake upgrade designs to enhance its style, technology and durability.

Residence at W Sentosa Cove

Terence Teo, handling director of TE Capital Partners, thinks the procurement will certainly capitalise on the power of the Singapore workplace market and the remained renewal of the Orchard Roadway district. “Via the improvements to the real estate, we are committed to providing lasting revenues to all our stakeholders,” he adds.

“We believe the property, that lies in the Orchard Roadway district with a historically minimal quantity of high-specification office complex, will appreciate solid capital worth conservation and still see strong tenant need,” mentions Emilia Teo, managing director of TE Capital Partners.


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