Enhancement works that will be carried out include internal and external facelifts and improvements to the building’s security and visitor management systems (Picture: Metro Holdings)
TE Capital Partners (TEC) and LaSalle Investment Management have completed the acquisition of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture partners also announced that the development will undergo enhancement works to boost its design, technology and sustainability.
The enhancement works will include internal and external facelifts and improvements to the building’s security and visitor management systems. Electric-vehicle chargers, solar panels, upgraded bicycle spaces and upgraded end-of-trip facilities will also be installed.
“We believe the asset, which sits in the Orchard Road precinct with a historically low supply of high-specification office buildings, will enjoy strong capital value preservation and continue to see strong tenant demand,” says Emilia Teo, managing director of TE Capital Partners.
Read also: Metro, TE Capital and LaSalle Investment jointly acquire VisionCrest Commercial for about $450 mil
Terence Teo, managing director of TE Capital Partners, believes the acquisition will capitalise on the strength of the Singapore office market and the continued rejuvenation of the Orchard Road precinct. “Through the enhancements to the property, we are committed to delivering sustainable returns to all our stakeholders,” he adds.
VisonCrest Commercial, an 11-storey Grade-A office building at 103 Penang Road, was acquired by a joint venture between TEC and a fund managed by LaSalle Investment Management for about $450 million, with the deal first announced last November.
Post-completion, TEC holds a 29.9% stake in the asset, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% stake in the asset through its partnership with an affiliate of TEC.