German-based Allianz Real Estate, a real estate investment unit of insurance and asset management firm Allianz SE, plans to buy a 20 percent stake in Ocean Financial Centre, an office building in Singapore, for 537.3 million Singaporean dollars ($392.3 million).
Situated at the intersection of Raffles Place and Marina Bay financial precincts in Singapore, the building is currently 99.9 percent owned by Singaporean real estate investment trust company Keppel REIT.
The stake acquisition by Allianz Real Estate is part of Allianz SE’s strategy to allocate 5 to 10 percent of its real estate exposure to Asia Pacific.
In partnership with Keppel REIT, Allianz Real Estate expects to secure long-term yield for its investors and predicts that the property will outperform the market, owing to its prime location, quality and asset management.