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PGIM Real Estate and Elevate acquire Stamford Court to activate vibrant Singapore community
SINGAPORE, 28 Oct. 2024 – PGIM Real Estate has entered into a joint venture with Elevate Capital Group (“Elevate”) to acquire Stamford Court, a prime commercial asset located in central Singapore for S$132 million. The acquisition was made on behalf of PGIM Real Estate’s Asia core plus strategy as the firm continues to expand its investment footprint across Asia Pacific.
Following the acquisition, the joint venture intends to rejuvenate the commercial and retail property into a fresh living, co-working and lifestyle destination.
PGIM Real Estate is the US$206 billion real estate investment business of PGIM and the third-largest real estate investment firm globally.1 Elevate is a Singapore-based real estate investment and asset management company focused on lifestyle-led investments.
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“The ongoing demand for high-quality office, living, and retail space against the backdrop of limited supply, rising occupancy rates, and strong rental growth prospects in Singapore present what we believe to be a compelling investment case for Stamford Court.”
Fiona Cho, chief operating officer, Asia Pacific, and senior portfolio manager, PGIM Real Estate, commented: “As the global real estate market reaches an inflection point, investors are looking to re-enter the market in search of value-add opportunities with strong income potential. The ongoing demand for high-quality office, living, and retail space against the backdrop of limited supply, rising occupancy rates, and strong rental growth prospects in Singapore present what we believe to be a compelling investment case for Stamford Court. Together with Elevate, we look forward to transforming the asset and activating a vibrant community at the heart of the city while delivering sustainable income for our investors.”
Located at 61 Stamford Road, Stamford Court is a four-storey commercial building completed in 1996 and currently operates as an office space with ground floor retail units. Located in the heart of City Hall, Stamford Court benefits from excellent connectivity, with five MRT stations within a 10-minute walk and being a short drive from the Central Business District and Orchard Road. It also boasts immediate proximity to Singapore Management University and close proximity to attractions such as Raffles City, Funan, and Clarke Quay.
Ashish Manchharam, managing partner, Elevate Capital Group, stated: “This acquisition represents a significant milestone for Elevate Capital Group. As our maiden investment, Stamford Court offers the potential to showcase our capability in reimagining traditional uses of real estate. We are committed to enhancing the immediate neighbourhood and the historic Civic District by working with the authorities to deliver a restored mixed-use asset to house a curated array of retail and F&B offerings, whilst addressing the future of work and urban living in Singapore.”
“Stamford Court’s strategic location and excellent connectivity provide significant potential for its transformation into a vibrant, creative hub. We are confident that this project will foster positive synergies and provide not just an attractive lifestyle offering and destination but also enhance the overall appeal of the vicinity,” Cho added.
ABOUT PGIM REAL ESTATE
With US$206 billion in gross assets under management and administration,2 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities, and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,3 and the local experience of professionals in 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (“PFI”) (NYSE: PRU). In 41 offices across 18 countries, our more than 1,400 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with US$1.33 trillion in assets under management,4 PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialised expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information, visit pgim.com.
PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
ABOUT ELEVATE CAPITAL GROUP
Elevate is a privately held, boutique real estate investment and asset management firm based in Singapore. Specialising in lifestyle-led real estate investments, Elevate aims to drive returns by combining an appreciation of emerging lifestyle trends with extensive experience in reimagining and repositioning high-potential real estate. We focus on crafting new experiences and transforming spaces into exciting, meaningful environments that enrich the lives of the communities it invests in. Our strong local relationships and deep networks enable us to identify and capitalise on unique opportunities, ensuring that we leverage on-the-ground insights and expertise to unlock the full value of each asset.
1 PGIM Real Estate is the third-largest real estate investment manager (out of 76 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ Largest Real Estate Investment Managers list published in October 2023. This ranking represents global real estate assets under management by PGIM Real Estate as of June 30, 2023. Participation in the ranking is voluntary, and no compensation is required to participate in the ranking.
2 As of June 30, 2024; net AUM is US$132 billion and AUA is US$47 billion.
3 Includes legacy lending through PGIM’s parent company, PFI.
4 As of June 30, 2024.
For Professional and Institutional Investors only. All investments involve risk, including the possible loss of capital.
© 2024 PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PGIM is a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is an investment adviser registered with the US Securities and Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos, and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. In the United Kingdom, information is issued by PGIM Private Alternatives (UK) Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, Boulevard de la Foire, L-1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Private Alternatives (UK) Limited or PGIM Limited in reliance of provisions, exemptions, or licences available to either PGIM Private Alternatives (UK) Limited or PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Limited and PGIM Private Alternatives (UK) Limited have their registered offices at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorised and regulated by the FCA of the United Kingdom (Firm Reference Number 193418). PGIM Private Alternatives (UK) Limited is authorised and regulated by the FCA (Firm Reference Number 181389). These materials are issued by PGIM Luxembourg S.A., PGIM Limited or PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or persons who are professional clients as defined under the rules of the FCA. PGIM operates in various jurisdictions worldwide and distributes materials and/or products to qualified professional investors through its registered affiliates including, but not limited to: PGIM Real Estate (Japan) Ltd. in Japan; PGIM (Hong Kong) Limited in Hong Kong; PGIM (Singapore) Pte. Ltd. in Singapore; PGIM (Australia) Pty Ltd in Australia; PGIM Luxembourg S.A.; and PGIM Real Estate Germany AG in Germany. For more information, please visit pgimrealestate.com.
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