Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Stamford Court is a four-storey commercial property with 62,900 sq ft of final lettable area located at 61 Stamford Roadway. It already runs as an office with ground-floor retail units. Completed in 1996, the establishment has a 99-year rent from 1994.
Spark61, a shared project between Singapore-based property investment firm Elevate Capital Group and PGIM Real Estate– the real estate purchase arm of global investment administrator PGIM– has finished its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).
” As our maiden financial investment, Stamford Court offers the possible to display our ability in re-imagining traditional usages of property,” mentions Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 announcement.
Other nearby landmarks include the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The real property is also a 10-minute ride far from the CBD and the Orchard Road e-commerce belt.
Found in Singapore’s midtown central, Stamford Court lies inside of 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.
Fiona Cho, leading managing officer and senior account manager at PGIM Property, adds: “As the international real estate industry hits an inflection point, financiers are looking to return to the market trying to find value-add opportunities with strong revenue possibility.
SingLand first released the sale of its 100% interest in entirely managed part UIC Land, that operates Stamford Court, in August.
” Stamford Court’s strategic area and excellent connection provide major potential for its transformation into a vivid, creative center.”
Following the acquisition, the joint project means to improve the commercial property into a mixed-use development with living, co-working, and living style elements.