Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
SingLand first released the sale of its 100% interest in wholly acquired subsidiary UIC Land, which owns Stamford Court, in August.
Fiona Cho, leading operating officer and higher account executive at PGIM Real Estate, adds: “As the international property market hits an inflection stage, financiers are trying to re-enter the marketplace trying to find value-add possibilities with solid revenue possibility.
Stamford Court is a four-storey business property with 62,900 sq ft of net lettable area placed at 61 Stamford Road. It today operates as a workplace with ground-floor retail store units. Finished in 1996, the building has a 99-year rent from 1994.
” Stamford Court’s strategic place and excellent connectivity provide significant potential for its change right into a lively, imaginative hub.”
Following the procurement, the joint effort means to improve the business building right into a mixed-use development with living, co-working, and living style parts.
Other close-by spots include the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The real property is also a 10-minute ride far from the CBD and the Orchard Roadway shopping belt.
Spark61, a mutual venture between 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 purchase of Stamford Court from Singapore Land Group (SingLand).
” As our maiden assets, Stamford Court offers the potential to display our capability in re-imagining standard uses of real estate,” states Ashish Manchharam, managing affiliate of Elevate Capital Group, in an Oct 24 news release.
Located in Singapore’s downtown central, Stamford Court lies inside of walking proximity 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.