Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court

Fiona Cho, chief running expert and higher accounts supervisor at PGIM Realty, adds in: “As the global property market hits an inflection level, financiers are looking to return to the market trying to find value-add opportunities with solid revenue possibility.

Stamford Court is a four-storey business structure with 62,900 sq ft of final lettable area located at 61 Stamford Roadway. It already runs as an office space with ground-floor market units. Completed in 1996, the building has a 99-year contract from 1994.

” Stamford Court’s key place and outstanding connection offer notable capacity for its modification right into a dynamic, creative hub.”

Located in Singapore’s midtown base, Stamford Court lies within walking range 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.

Chuan Park condominium

SingLand first off announced the sale of its 100% interest in wholly managed part UIC Land, which runs Stamford Court, in August.

Spark61, a mutual venture among Singapore-based real estate investment firm Elevate Capital Group and PGIM Realty– the property venture arm of multinational asset manager PGIM– has finished its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).

Other close-by sites include the Singapore Management University, 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 e-commerce belt.

Following the procurement, the conjoint venture plans to change the business building into a mixed-use development with dwelling, co-working, and lifestyle elements.

” As our maiden financial investment, Stamford Court provides the possible to display our ability in re-imagining traditional usages of property,” states Ashish Manchharam, managing affiliate of Elevate Capital Group, in an Oct 24 announcement.


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