Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court
Following the purchase, the conjoint project intends to improve the business property into a mixed-use property development with living, co-working, and living style elements.
” As our maiden investment, Stamford Court provides the prospective to showcase our ability in re-imagining traditional purposes of realty,” states Ashish Manchharam, regulating affiliate of Elevate Capital Group, in an Oct 24 announcement.
Spark61, a shared project among Singapore-based property investment company Elevate Capital Group and PGIM Realty– the real estate purchase arm of international investment supervisor PGIM– has actually finished its $132 million procurement of Stamford Court from Singapore Land Group (SingLand).
Fiona Cho, chief managing expert and top account supervisor at PGIM Property, adds in: “As the global real estate industry achieves an inflection level, investors are trying to re-enter the market trying to find value-add opportunities with strong earnings opportunity.
North Gaia Sing Holdings Limited
Stamford Court is a four-storey business establishment with 62,900 sq ft of net lettable space placed at 61 Stamford Road. It already functions as an office with ground-floor market units. Carried out in 1996, the building has a 99-year rent from 1994.
Located in Singapore’s midtown base, Stamford Court is located within walking range of three MRT stations– Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Midtown Line.
SingLand first released the sale of its 100% interest in wholly managed branch UIC Land, which operates Stamford Court, in August.
” Stamford Court’s strategic location and excellent connectivity offer major potential for its transformation right into a dynamic, innovative center.”
Other neighboring spots include the Singapore Management College, 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.
