TE Capital, LaSalle JV acquires VisionCrest Commercial

Major transformation will be conducted to improve the asset.

A joint venture between TE Capital Partners and LaSalle Investment Management completed the acquisition of the 11-storey Grade A office building VisionCrest Commercial in Orchard with a plan to transform the property, including improvements in transport connectivity.

In a joint statement, TE Capital and LaSalle said real estate firm Metro Holdings, through its indirect wholly-owned subsidiary Metrobilt Construction will own a 20% stake in the asset through its partnership with a TEC affiliate.

TE Capital and LaSalle aim to “amplify the superior attributes” of the property. Aside from transport connectivity, it will also improve the immediate access to retail, dining, entertainment and accommodation options.

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The JV will also improve the internal and external aesthetic appeal of the property and will also upgrade the security and visitor management system.

They will also install upgraded end-of-trip facilities, EV charges, bicycle spaces and solar panels for the property’s sustainability credentials.

“On behalf of our shareholders and investors, we are pleased to add this strategic asset to our portfolio. 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,” said TE Capital Partners Managing Director Emilia Teo.