Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Stamford Court is a four-storey business establishment with 62,900 sq ft of final lettable part placed at 61 Stamford Roadway. It currently runs as an office space with ground-floor market units. Completed in 1996, the structure has a 99-year contract from 1994.
Located in Singapore’s midtown base, Stamford Court is located inside of walking proximity 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 Downtown Line.
” Stamford Court’s key area and excellent connectivity give substantial potential for its transformation right into a dynamic, creative centre.”
” As our maiden investment, Stamford Court provides the prospective to showcase our capacity in re-imagining conventional purposes of real estate,” mentions Ashish Manchharam, regulating partner of Elevate Capital Group, in an Oct 24 press release.
8@BT Bukit Sembawang Estates Limited
Fiona Cho, chief running officer and higher portfolio executive at PGIM Real Estate, adds in: “As the international property industry reaches an inflection level, investors are looking to re-enter the market trying to find value-add opportunities with strong earnings possibility.
Other nearby sites consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The real property is also a 10-minute drive away from the CBD and the Orchard Road e-commerce belt.
SingLand first off released the sale of its 100% interest in wholly acquired branch UIC Land, that owns Stamford Court, in August.
Following the acquisition, the conjoint project intends to change the business building into a mixed-use development with living, co-working, and lifestyle elements.
Spark61, a joint project between Singapore-based property investment company Elevate Capital Group and PGIM Realty– the real estate purchase arm of multinational investment administrator PGIM– has completed its $132 million purchase of Stamford Court from Singapore Land Group (SingLand).