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

/ EdgeProp Singapore |
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)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
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.
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.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More