Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Fiona Cho, leading managing expert and top accounts manager at PGIM Real Estate, adds in: “As the global real estate market hits an inflection point, financiers are looking to return to the marketplace trying to find value-add possibilities with strong revenue potential.
Spark61, a joint venture among Singapore-based property investment company Elevate Capital Group and PGIM Realty– the property investment arm of international asset administrator PGIM– has actually finished its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).
Following the purchase, the joint venture intends to transform the business building into a mixed-use property development with dwelling, co-working, and lifestyle components.
Other neighboring sites consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The real estate is also a 10-minute ride away from the CBD and the Orchard Road e-commerce belt.
” As our maiden investment, Stamford Court offers the potential to showcase our capacity in re-imagining traditional usages of property,” says Ashish Manchharam, managing affiliate of Elevate Capital Group, in an Oct 24 press release.
” Stamford Court’s key place and excellent connection give significant capacity for its modification right into a dynamic, innovative centre.”
SingLand initially released the sale of its 100% interest in wholly acquired subsidiary UIC Land, that runs Stamford Court, in August.
Stamford Court is a four-storey commercial property with 62,900 sq ft of net lettable space located at 61 Stamford Roadway. It already works as a workplace with ground-floor retail units. Finished in 1996, the establishment has a 99-year contract from 1994.
Found in Singapore’s downtown core, Stamford Court lies in just walking range of 3 MRT stations– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.