SINGAPORE (January 29, 2024) — TE Capital Partners (“TEC”) and LaSalle Investment Management (“LaSalle”) jointly announced today the completion of the acquisition of a 11-story Grade A office building at 103 Penang Road, Singapore 238467, known as VisionCrest Commercial (the “asset”), in a joint venture between TEC and a fund managed by LaSalle. This joint venture, operated by TEC, marks the second collaboration between the two parties since 2022. Singapore real estate company Metro Holdings Ltd. through its indirect wholly-owned subsidiary, Metrobilt Construction Pte. Ltd., will own a 20% stake in the asset through its partnership with an affiliate of TEC.
Following the acquisition, the joint venture plans to amplify the superior attributes of the freehold, high-specification, LEED Gold certified asset, which includes excellent transport connectivity and immediate access to retail, dining, entertainment and accommodation options, by embarking on enhancement works on the asset’s design, technology and sustainability. Internal and external facelifts will improve the asset’s aesthetic appeal while security and visitor management system upgrades will elevate the asset’s quality. The inclusion of upgraded end-of-trip facilities, EV chargers, upgraded bicycle spaces and solar panels will contribute not just to occupier experience but also to the asset’s sustainability credentials. By combining leading environmental performance with high-quality amenities, these enhancements are expected to help the asset continue to meet tenant requirements and respond to evolving workplace trends, solidifying the asset’s position as one of the most valuable and rare freehold office buildings in the Orchard Road precinct.
Singapore has consistently remained the preferred office investment destination in the Asia Pacific region, owing to its status as a global business hub and its strong track record of capital value growth and preservation. This acquisition is a reflection of the joint venture’s confidence in Singapore’s robust office market.
Emilia Teo, Managing Director, TE Capital Partners said, “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.”
Terence Teo, Managing Director, TE Capital Partners said, “We are confident that this acquisition will capitalize on the strength of the Singapore office market as well as 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.”
Claire Tang, Co-CIO Asia Pacific, LaSalle Investment Management said, “Singapore is well-placed to benefit from its status as a global business hub highly attractive to MNCs and regional businesses. Private and institutional investors continue to favor the Singapore market due to its relatively low cost of debt and stable political environment.”
George Goh, Head of Acquisitions and Asset Management, Southeast Asia, LaSalle Investment Management said, “We are optimistic about the outlook of the office sector in Singapore. As the flight to quality continues, well-designed and high-quality offices will remain a lynchpin of corporate talent strategies. Our plan for Visioncrest aims to address current and future occupier needs.”
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate property and debt investments as of Q3 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
About TE Capital Partners
Founded in 2019, TE Capital Partners is a Singapore headquartered real estate investment manager who offers and manages a comprehensive range of investment products on behalf of public listed corporations, securities companies, and family offices across the region. As of Q4 2023, TE Capital Partners and its subsidiaries manage S$3 billion in assets under management in commercial office, and multifamily assets across Singapore, Japan, Australia, and the United States, via a range of investment vehicles, such as joint ventures, separate accounts, and closed-end funds, including its flagship Asia Opportunities series and Income Partners series. For more information, please visit www.tecapitalasia.com and LinkedIn.
NOTE: This press release may contain forward-looking statements by TE Capital Partners and should not be relied upon by readers and/or investors for any purposes. This is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this press release. Actual performance, outcomes and results may differ from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions.
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