PGIM Real Estate has entered into a joint venture with Elevate Capital Group to acquire Stamford Court, a prime commercial asset located in central Singapore for S$132 million ($99.8 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 $206 billion real estate investment business of PGIM. Elevate is a Singapore-based real estate investment and asset management company focused on lifestyle-led investments.
“As the global real estate market reaches an inflection point, investors are looking to re-enter the market in search of value-added opportunities with strong income potential,” said Fiona Cho, chief operating officer, Asia Pacific, and senior portfolio manage