Allianz has signed a definitive agreement to acquire a 20 percent stake in Ocean Financial Centre, a 43-story, class A office tower located strategically at the intersection of Raffles Place and Marina Bay financial precincts in Singapore.
The agreed transaction value is SGD 537.3 million ($392 million). The transaction is subject to closing by year end 2018.
Keppel REIT currently owns 99.9 percent of the 99-year leasehold interest in Ocean Financial Centre, which expires in 2110. Built in 2011 by Keppel Land and designed by Pelli Clarke Pelli Architects, the property offers a total net lettable area of 877,635 square feet comprising a class A office tower with a retail component on the ground floor and basement level. The floor plates are 20,000-25,000 square feet and column-free. The property has a committed occupancy rate of 95.5 percent.
This investment is part of Allianz’s strategy to allocate 5 to 10 percent of its real estate exposure to Asia Pacific.
