News

German insurer’s $392 million Allianz in Singapore property

Allianz buildingAllianz Real Estate is set to acquire a 20% stake in Ocean Financial Centre, marking its first involvement in Singapore’s property market. The S$537.3 million ($392 million) purchase of the A office tower, is from Keppel Real Estate Investment Trust (Keppel REIT). The 43-storey building is located at the intersection of Singapore’s Raffles Place and Marina Bay financial precincts. The investment is part of the German insurer’s strategy to allocate between 5 and 10% of its real estate deals to the Asia Pacific region. Rushabh Desai, Asia-Pacific chief executive officer at Allianz Real Estate, said: “This transaction is aligned with our approach of creating a quality portfolio of core assets in 24×7 cities.” The Singapore office market is experiencing strong rental growth. “From an occupational cost and efficiency perspective it continues to be favourable vis-a-vis other comparable markets like Hong Kong,” added Desai. Singapore was ranked as the second top real estate investment market in Asia Pacific, according to a report published earlier this month by consultancy PwC and the Urban Land Institute. Its attractiveness in this area was mainly due to an improvement in its office market. ©2018 funds global asia

Executive Interviews

Interview: Asia’s sweet spots

Jul 05, 2019

As the US-China trade war ramps up with a hike in levies, Tai Hui, chief market strategist for Asia-Pacific at JP Morgan Asset Management, tells Romil Patel where he identifies investment value.

Interview: Money needs a place to go

Mar 11, 2019

Peng Fei, chief investment officer at Wanwei Asset Management, tells Romil Patel about allocating capital across risk factors when asset performance is uncertain and unpredictable.

Roundtables

ESG roundtable: Are the ESG stars aligning across Asia?

Jul 05, 2019

Our panel of experts discusses driving higher ESG asset allocation in Asia, growing calls to address the global climate crisis and the importance of governance. Chaired by Romil Patel in Hong Kong.

Singapore roundtable: A money magnet

Mar 11, 2019

Our panel discussed why the Singapore Variable Capital Company makes them bullish, what gives the onshore jurisdiction an offshore feel and “blood on the streets” from China’s slowdown. Chaired by Romil Patel in Singapore.