Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Spark61, a shared venture involving Singapore-based real estate investment company Elevate Capital Group and PGIM Property– the real estate investment arm of multinational asset supervisor PGIM– has completed its $132 million purchase of Stamford Court from Singapore Land Group (SingLand).
” Stamford Court’s important area and outstanding connectivity give significant potential for its transformation right into a vibrant, innovative centre.”
Located in Singapore’s downtown core, Stamford Court is located inside of walking proximity 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 Midtown Line.
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Following the procurement, the joint project intends to change the business building right into a mixed-use development with dwelling, co-working, and lifestyle elements.
SingLand first released the sale of its 100% interest in entirely owned subsidiary UIC Land, that manages Stamford Court, in August.
Other close-by spots include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The real property is also a 10-minute travel away from the CBD and the Orchard Road shopping belt.
Fiona Cho, leading operating expert and senior portfolio manager at PGIM Real Estate, adds: “As the global realty market reaches an inflection stage, investors are trying to re-enter the marketplace in search of value-add chances with strong income possibility.
” As our maiden financial investment, Stamford Court provides the potential to showcase our ability in re-imagining traditional purposes of realty,” mentions Ashish Manchharam, supervising affiliate of Elevate Capital Group, in an Oct 24 news release.
Stamford Court is a four-storey commercial establishment with 62,900 sq ft of net lettable space found at 61 Stamford Road. It presently operates as an office with ground-floor market units. Finished in 1996, the structure has a 99-year contract from 1994.