ALIZF Allianz Ag Muenchen Namen (PK)

   By Pietro Lombardi 
 

Allianz SE (ALV.XE) is buying a 20% stake in an office tower in Singapore's financial district for roughly $392 million, it said Friday.

The German insurer's real estate-investment and asset-management arm, Allianz Real Estate, is buying a stake in Ocean Financial Centre, a 43-story, grade-A office tower.

"This investment is part of Allianz's strategy to allocate five to 10 percent of its real-estate exposure to Asia-Pacific," the company said.

The deal should be completed by the end of the year.

"The Singapore office market is experiencing strong rental growth. From an occupational cost and efficiency perspective it continues to be favorable vis-a-vis other comparable markets like Hong Kong," said Rushabh Desai, CEO Asia-Pacific at Allianz Real Estate.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

November 30, 2018 04:52 ET (09:52 GMT)

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