Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
SingLand initially announced the sale of its 100% interest in wholly owned part UIC Land, that manages Stamford Court, in August.
Spark61, a shared project among Singapore-based real estate investment company Elevate Capital Group and PGIM Property– the estate investment arm of global investment supervisor PGIM– has completed its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).
Fiona Cho, chief managing expert and higher accounts supervisor at PGIM Realty, adds in: “As the international real estate market reaches an inflection level, investors are looking to return to the marketplace trying to find value-add chances with strong revenue possibility.
” As our maiden financial investment, Stamford Court offers the prospective to display our ability in re-imagining traditional uses of real estate,” mentions Ashish Manchharam, regulating partner of Elevate Capital Group, in an Oct 24 announcement.
Located in Singapore’s downtown central, Stamford Court is located in just walking distance of three 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.
Stamford Court is a four-storey business structure with 62,900 sq ft of net lettable part located at 61 Stamford Road. It currently operates as an office with ground-floor retail store units. Completed in 1996, the structure has a 99-year lease from 1994.
” Stamford Court’s key area and outstanding connectivity provide major capacity for its transformation right into a dynamic, innovative center.”
Following the procurement, the conjoint project means to change the commercial property into a mixed-use development with dwelling, co-working, and lifestyle components.
Other neighboring landmarks include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The real property is also a 10-minute travel far from the CBD and the Orchard Roadway shopping belt.
