Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Stamford Court is a four-storey business structure with 62,900 sq ft of final lettable area situated at 61 Stamford Road. It currently runs as an office space with ground-floor market units. Carried out in 1996, the building has a 99-year rent from 1994.
Located in Singapore’s midtown central, Stamford Court is located in just walking range of 3 MRT terminals– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.
” Stamford Court’s important location and outstanding connectivity give substantial capacity for its transformation into a lively, imaginative center.”
Spark61, a joint venture among Singapore-based property investment company Elevate Capital Group and PGIM Realty– the estate venture arm of international investment administrator PGIM– has actually completed its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).
Fiona Cho, chief operating expert and top accounts manager at PGIM Property, adds: “As the international real estate industry achieves an inflection level, financiers are looking to return to the market in search of value-add possibilities with strong revenue possibility.
Following the procurement, the joint effort intends to change the commercial building right into a mixed-use development with dwelling, co-working, and living style elements.
Other neighboring landmarks include 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 shopping belt.
SingLand first off disclosed the sale of its 100% interest in wholly owned part UIC Land, that manages Stamford Court, in August.
” As our maiden assets, Stamford Court offers the possible to showcase our capacity in re-imagining conventional usages of property,” says Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 news release.