Metro, TE Capital and LaSalle Investment jointly acquire Singapore office for $450m
A joint venture of Singapore-listed Metro Holdings, private equity firm TE Capital Partners and LaSalle Investment has acquired VisionCrest Commercial for approximately $331 million, reported EdgeProp.sg.
The seller was German asset manager Union Investment, which acquired it for an undisclosed amount 15 years ago on behalf of its 2004-vintage UniImmo: Global fund.
Metro will own a 20 percent stake in the property, with the remaining 29.9 percent owned by a fund of TE Capital and 50.1 percent by LaSalle Investment.
VisionCrest office building is a freehold building, spanning up 11 stories. There is retail spa