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

The enhancement works will certainly include inner and external revamps and renovations to the structure’s safety and security and guest administration systems. Electric-vehicle chargers, solar powers, modernized bike areas and updated end-of-trip amenities will also be set up.

TE Capital Partners (TEC) and LaSalle Investment Management have completed the procurement of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture associates also revealed that the property is going to undertake upgrade works to improve its layout, innovation and durability.

VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Roadway, was acquired by a joint move between TEC and a fund taken care of by LaSalle Investment Management for about $450 million, with the deal first introduced last November.

Post-completion, TEC holds a 29.9% stake in the asset, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the continuing 20% risk in the asset through its collaboration with an affiliate of TEC.

Sceneca Residences MCC Land (Singapore) Pte Ltd

“We believe the investment, that lies in the Orchard Roadway precinct with a historically minimal quantity of high-specification office complex, will relish strong financing value conservation and still observe good occupant need,” says Emilia Teo, managing supervisor of TE Capital Partners.

Terence Teo, managing director of TE Capital Allies, strongly believes the purchase is going to capitalise on the durability of the Singapore office industry and the remained rejuvenation of the Orchard Roadway district. “Via the upgrades to the property, we are committed to delivering lasting profits to all our stakeholders,” he adds.

error: Content is protected !!