Singapore / Munich, July 30, 2019 – 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 (“DUO”), a premium grade-A office asset with ancillary retail in Singapore for approximately SGD 1.6 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, 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%.