Archive for category: Misc

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.

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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.

The acquisition of VisionCrest Commercial by TE Capital Partners and LaSalle Investment Management has been completed, as announced in a Jan 29 press release. In addition, the joint-venture partners have revealed plans for enhancement works to further improve the development’s design, technology, and sustainability.

These enhancement works will include a variety of changes, such as internal and external facelifts, upgrades to the building’s security and visitor management systems, installation of electric-vehicle chargers and solar panels, and improvement of bicycle spaces and end-of-trip facilities.

Emilia Teo, managing director of TE Capital Partners, believes that the asset, located in the Orchard Road precinct with a limited supply of high-quality office buildings, will not only preserve strong capital value but also continue to attract high tenant demand.

In agreement with Emilia Teo, Terence Teo, managing director of TE Capital Partners, sees the acquisition as a strategic move to take advantage of the strength of the Singapore office market and ongoing revitalization of the Orchard Road area. He also expresses commitment to providing sustainable returns to all stakeholders through the enhancement of the property.

The 11-story VisionCrest Commercial, a Grade-A office building situated at 103 Penang Road, was purchased by the joint venture of TEC and a fund managed by LaSalle Investment Management for approximately $450 million. This deal was first announced in November of last year.

After completion, the asset will be owned by TEC, holding a 29.9% stake, LaSalle Investment Management, holding a 50.1% stake, and Singapore-listed Metro Holdings, holding the remaining 20% stake through its partnership with an affiliate of TEC.