Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Spark61, a shared venture among Singapore-based property investment firm Elevate Capital Group and PGIM Property– the property venture arm of international investment supervisor PGIM– has completed its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).
Following the acquisition, the joint project plans to improve the business building into a mixed-use development with dwelling, co-working, and living style elements.
” Stamford Court’s strategic location and excellent connectivity offer significant capacity for its transformation right into a dynamic, innovative hub.”
” As our maiden financial investment, Stamford Court offers the possible to display our ability in re-imagining traditional uses of property,” states Ashish Manchharam, regulating associate of Elevate Capital Group, in an Oct 24 announcement.
Stamford Court is a four-storey business property with 62,900 sq ft of net lettable part located at 61 Stamford Road. It presently runs as an office with ground-floor retail units. Finished in 1996, the structure has a 99-year rent from 1994.
Situated in Singapore’s midtown central, Stamford Court lies within walking proximity 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 expert and top account supervisor at PGIM Realty, adds in: “As the international property market hits an inflection point, financiers are trying to return to the marketplace trying to find value-add chances with strong revenue opportunity.
Other nearby spots consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute drive far from the CBD and the Orchard Road shopping belt.
SingLand first disclosed the sale of its 100% interest in entirely owned part UIC Land, which runs Stamford Court, in August.