Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court

SingLand initially released the sale of its 100% interest in completely acquired branch UIC Land, which owns Stamford Court, in August.

Spark61, a mutual project among Singapore-based property investment firm Elevate Capital Group and PGIM Real Estate– the real estate investment arm of multinational asset manager PGIM– has actually finished its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).

Following the acquisition, the shared venture means to transform the business building right into a mixed-use development with living, co-working, and lifestyle elements.

Fiona Cho, chief running officer and senior accounts supervisor at PGIM Real Estate, adds: “As the international real estate industry hits an inflection level, financiers are looking to return to the market in search of value-add possibilities with strong earnings potential.

Located in Singapore’s midtown base, Stamford Court lies in just walking distance 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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” As our maiden financial investment, Stamford Court offers the potential to display our ability in re-imagining standard purposes of property,” says Ashish Manchharam, supervising associate of Elevate Capital Group, in an Oct 24 announcement.

Stamford Court is a four-storey commercial structure with 62,900 sq ft of net lettable space found at 61 Stamford Road. It presently operates as a workplace with ground-floor retail store units. Carried out in 1996, the establishment has a 99-year rent from 1994.

” Stamford Court’s strategic location and outstanding connection give major potential for its change right into a vivid, creative centre.”

Other nearby sites include the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The real estate is also a 10-minute travel away from the CBD and the Orchard Road e-commerce belt.