Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Fiona Cho, chief managing officer and senior account executive at PGIM Property, adds: “As the international real estate market hits an inflection level, financiers are trying to re-enter the market in search of value-add opportunities with solid income potential.
Found in Singapore’s midtown base, Stamford Court is located within 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 Midtown Line.
Spark61, a joint venture among Singapore-based real estate investment firm Elevate Capital Group and PGIM Property– the real estate venture arm of global investment manager PGIM– has actually completed its $132 million purchase of Stamford Court from Singapore Land Group (SingLand).
Stamford Court is a four-storey commercial property with 62,900 sq ft of net lettable area placed at 61 Stamford Roadway. It today operates as an office space with ground-floor market units. Finished in 1996, the building has a 99-year lease from 1994.
SingLand first disclosed the sale of its 100% interest in completely managed part UIC Land, which operates Stamford Court, in August.
” As our maiden financial investment, Stamford Court provides the prospective to display our capacity in re-imagining standard usages of property,” mentions Ashish Manchharam, supervising associate of Elevate Capital Group, in an Oct 24 announcement.
” Stamford Court’s key location and excellent connection offer substantial capacity for its transformation into a lively, creative hub.”
Other close-by landmarks include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The real estate is also a 10-minute travel away from the CBD and the Orchard Road e-commerce belt.
Following the acquisition, the conjoint venture intends to improve the commercial property right into a mixed-use development with living, co-working, and living style elements.
