HK's Gaw Capital, Allianz RE to buy $1.2 bln SG office & retail asset

A joint venture (JV) between Malaysian sovereign wealth fund Khazanah and Singaporean (SG) investment firm Temasek plans to sell the office and retail units of its DUO property development in Singapore for 1.6 billion Singapore dollar ($1.2 billion).

The DUO property development consists of DUO Tower, an office block with 20 floors worth of prime Grade-A office space, and DUO Galleria, with 56,000 square feet of retail space located right outside the city-state’s financial district.

Under the deal, the JV will sell all the shares of its wholly-owned subsidiary, Ophir-Rochor Commercial Pte Ltd, to Allianz Real Estate (RE) and Hong Kong (HK)-based Gaw Capital Partners at $1,875.52 per square foot of net lettable area.

On completion of the transaction, Allianz RE, part of Allianz Group, will own a 60 percent stake in the asset while the remaining 40 percent will be owned by Gaw Capital. The companies will jointly manage the property.