Allianz and Gaw Capital JV to acquire office asset in Singapore
Transactions - JULY 30, 2019

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Allianz and Gaw Capital JV to acquire office asset in Singapore

by Andrea Zander

Allianz Real Estate, acting on behalf of several Allianz companies, and Gaw Capital, representing a sovereign wealth fund separate account, have signed a sale and purchase agreement to acquire DUO Tower and DUO Galleria, a premium class A office asset with ancillary retail in Singapore for approximately S$1.6 billion ($1.2 billion).

Allianz will own a 60 percent interest, and Gaw Capital will own the remaining 40 percent. Allianz Real Estate and Gaw Capital will jointly manage the asset.

The asset was completed in 2017 and was awarded the Green Mark Platinum Award, the highest accolade from Building and Construction Authority of Singapore. Located above the Bugis MRT Interchange station, DUO offers excellent connectivity to the CBD, Marina Bay and other metropolitan areas.

The commercial asset comprises 557,972 square feet of international premium class A office space, with floorplates ranging between 26,000 square feet and 31,000 square feet, as well as 59,8

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