PGIM Real Estate and Elevate Capital have acquired a S$132m (€92m) commercial property in Singapore from Singapore Land, which they plan to repurpose for co-living use.
Elevate will lead the adaptive reuse of the four-storey Stamford Court commercial property.
Ashish Manchharam, managing partner of Elevate Capital, said: “This acquisition represents a significant milestone for Elevate Capital Group. As our maiden investment, Stamford Court offers the potential to showcase our capability in re-imagining 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.”
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