News

German insurer’s $392 million Allianz in Singapore property

Allianz buildingAllianz Real Estate is set to acquire a 20% stake in Ocean Financial Centre, marking its first involvement in Singapore’s property market. The S$537.3 million ($392 million) purchase of the A office tower, is from Keppel Real Estate Investment Trust (Keppel REIT). The 43-storey building is located at the intersection of Singapore’s Raffles Place and Marina Bay financial precincts. The investment is part of the German insurer’s strategy to allocate between 5 and 10% of its real estate deals to the Asia Pacific region. Rushabh Desai, Asia-Pacific chief executive officer at Allianz Real Estate, said: “This transaction is aligned with our approach of creating a quality portfolio of core assets in 24×7 cities.” The Singapore office market is experiencing strong rental growth. “From an occupational cost and efficiency perspective it continues to be favourable vis-a-vis other comparable markets like Hong Kong,” added Desai. Singapore was ranked as the second top real estate investment market in Asia Pacific, according to a report published earlier this month by consultancy PwC and the Urban Land Institute. Its attractiveness in this area was mainly due to an improvement in its office market. ©2018 funds global asia

Executive Interviews

INTERVIEW: Operational challenges

Jun 09, 2018

Caroline Higgins of Northern Trust tells George Mitton about A-share inclusion, ETF Connect and why Cayman funds predominate in the region.

INTERVIEW: Making a name

Apr 18, 2018

Formed by a merger in 2012, Old Mutual Global Investors was little-known in Asia. Carol Wong, managing director for Asia-Pacific, is changing that. She talks to George Mitton.

Roundtables

SINGAPORE ROUNDTABLE: Optimism versus caution

Oct 23, 2018

The impact of financial technology, developments in Asian passporting and the promise of new markets in Thailand were among the topics discussed by our panel. Chaired by George Mitton in Singapore.

HONG KONG ROUNDTABLE: a long-term project

Jun 09, 2018

Our panel discussed robo-advisers, ETF Connect, and why the mutual recognition of funds (MRF) scheme will take time to develop. Chaired by George Mitton in Hong Kong.