Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Stamford Court is a four-storey commercial building with 62,900 sq ft of final lettable space found at 61 Stamford Road. It presently operates as an office with ground-floor market units. Carried out in 1996, the establishment has a 99-year contract from 1994.
Fiona Cho, chief operating officer and higher portfolio executive at PGIM Realty, adds: “As the international real estate industry hits an inflection point, financiers are trying to re-enter the market trying to find value-add opportunities with solid income opportunity.
Other nearby sites consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute travel far from the CBD and the Orchard Road shopping belt.
Lentor Hills Residences Guocoland, Hong Leong and TID Pte Ltd
” Stamford Court’s strategic location and excellent connectivity offer significant capacity for its transformation into a vibrant, innovative centre.”
” As our maiden assets, Stamford Court offers the potential to showcase our capacity in re-imagining traditional purposes of realty,” mentions Ashish Manchharam, regulating affiliate of Elevate Capital Group, in an Oct 24 announcement.
Situated in Singapore’s downtown central, Stamford Court lies in just walking distance of three MRT terminals– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.
Spark61, a mutual venture among Singapore-based realty investment company Elevate Capital Group and PGIM Realty– the estate investment arm of multinational asset administrator PGIM– has actually finished its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).
Following the acquisition, the shared effort plans to change the business property right into a mixed-use property development with dwelling, co-working, and living style parts.
SingLand initially disclosed the sale of its 100% interest in entirely owned branch UIC Land, that owns Stamford Court, in August.