Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Stamford Court is a four-storey business building with 62,900 sq ft of net lettable area situated at 61 Stamford Roadway. It already works as an office space with ground-floor retail units. Carried out in 1996, the structure has a 99-year contract from 1994.
SingLand first off released the sale of its 100% interest in wholly managed subsidiary UIC Land, which manages Stamford Court, in August.
Other surrounding landmarks 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 Roadway e-commerce belt.
” As our maiden financial investment, Stamford Court provides the potential to display our ability in re-imagining traditional purposes of real estate,” states Ashish Manchharam, regulating affiliate of Elevate Capital Group, in an Oct 24 press release.
Spark61, a joint project among Singapore-based property investment company Elevate Capital Group and PGIM Real Estate– the estate purchase arm of global investment manager PGIM– has actually completed its $132 million purchase of Stamford Court from Singapore Land Group (SingLand).
Fiona Cho, leading running expert and senior account executive at PGIM Realty, adds: “As the global real estate market hits an inflection point, investors are looking to return to the market trying to find value-add opportunities with strong revenue potential.
” Stamford Court’s strategic location and excellent connectivity offer substantial potential for its improvement into a vivid, innovative centre.”
Following the acquisition, the joint venture intends to transform the business property into a mixed-use property development with living, co-working, and lifestyle elements.
Found in Singapore’s downtown base, Stamford Court lies in just walking range 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.