Allianz Real Estate, acting on behalf of several Allianz companies, and Gaw Capital, representing a sovereign wealth fund separate account, have agreed to acquire DUO Tower and DUO Galleria (“DUO”), a premium Grade-A office asset with ancillary retail in Singapore for approximately S$1.6 billion (appr.$1.2 billion).
Allianz will own a 60% interest and the remaining 40% will be owned by Gaw Capital. The asset will be jointly managed by Allianz Real Estate and Gaw Capital.
Designed by internationally acclaimed German architect Ole Scheeren, the premium Grade-A office asset, DUO has redefined Singapore’s skyline with its distinctive hexagonal plated towers. 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 grade-A office space with floor plates ranging between 26,000 and 31,000 square feet as well as 59,873 square feet of retail space. The asset is stabilized with a current occupancy of 97%.
“Singapore is an established 24/7 city and has one of the most institutionalized commercial real estate markets in the world given its position as a key headquarter location for corporations in Asia. 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,” said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate.
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The acquisition of DUO builds upon a number of recent dealsin Singapore by Allianz Real Estate, including the investment in Ocean Financial Centre and 77 Robinson Road.
“We are delighted to be partnering with Allianz Real Estate to acquire this iconic asset. The acquisition of DUO deepens our strong partnership with Allianz Real Estate and we look forward to working together to add strategic value to the property,” said Ms. Christina Gaw, Managing Principal and Head of Capital Markets at Gaw Capital Partners.
Allen & Gledhill, Rajah & Tann, KPMG, and Arcadis acted as advisors to the joint venture.