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

SingLand initially released the sale of its 100% interest in completely acquired subsidiary UIC Land, which owns Stamford Court, in August.

Stamford Court is a four-storey commercial building with 62,900 sq ft of net lettable space placed at 61 Stamford Road. It currently functions as an office space with ground-floor retail units. Carried out in 1996, the establishment has a 99-year rent from 1994.

Found in Singapore’s downtown core, Stamford Court lies 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.

” As our maiden assets, Stamford Court offers the possible to display our capability in re-imagining standard uses of property,” says Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 news release.

Other nearby landmarks consist of the Singapore Management College, the National Museum of Singapore and St Andrew’s Cathedral. The real property is also a 10-minute travel away from the CBD and the Orchard Road e-commerce belt.

” Stamford Court’s key area and excellent connection give significant capacity for its modification right into a vibrant, imaginative centre.”

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Following the acquisition, the conjoint project plans to improve the commercial building into a mixed-use property development with dwelling, co-working, and lifestyle parts.

Spark61, a joint venture between Singapore-based real estate investment firm Elevate Capital Group and PGIM Property– the estate investment arm of international investment administrator PGIM– has actually finished its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).

Fiona Cho, leading managing expert and senior accounts executive at PGIM Realty, adds: “As the global realty industry achieves an inflection point, investors are trying to return to the market in search of value-add opportunities with strong revenue potential.