TE Capital-LaSalle JV to acquire VisionCrest Commercial
The asset has an occupancy rate of 99%.
A fund managed by LaSalle, in a joint venture with TE Capital Partners (TEC), has executed a Put and Call Option Agreement (PCOA) to acquire VisionCrest Commercial, an 11-storey Grade A office building at 103 Penang Road, Singapore.
The acquisition marks the second project by the joint venture between TEC and the LaSalle-managed fund.
VisionCrest is a freehold, high-spec, LEED Gold-certified asset with a strata area of 154,711 square feet.
The asset has an occupancy rate of 99%, offering a strong cash flow profile. Manulife Financial Advisers, Puma Sports SEA Trading and The Coffee Bean & Tea Leaf are amongst the tenants of the building.