Allianz Real Estate and Gaw Capital have joined forces to acquire the office and retail units of the DUO developments in Singapore for $1.15 billion.
The pair are purchasing all the shares in Ophir-Rochor Commercial Pte Ltd, a wholly owned subsidiary of M+S Pte Ltd, which is the joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek.
Allianz will own a 60% interest while Gaw Capital will own the remaining 40%. The German insurer’s real estate investment manager and the Hong Kong private equity firm will jointly manage the asset.
The commercial asset includes more than 557,000 square feet of premium grade-A office space, as well as more than 59,000 square feet of retail space.
“Singapore is an established 24/7 city and has one of the most institutionalised commercial real estate markets in the world given its position as a key headquarter location for corporations in Asia,” said Rushabh Desai, chief executive for Asia-Pacific at Allianz Real Estate.
“M+S has done an impressive job of delivering DUO as a marquee, mixed-used development providing an unparalleled live-work-play environment and is poised to establish itself as one of Singapore's key business hubs. It will be an excellent addition to our global 24/7 cities office portfolio,” added Desai.
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