Keppel, Allianz Units Form JV to Buy Stake in Beijing Office Complex
16 October 2019 - 12:03PM
Dow Jones News
By Justina Lee
A unit of Keppel Corp.'s (BN4.SG) asset-management arm has
formed a joint venture with German insurer's Allianz SE's (ALV.XE)
real-estate business to acquire a majority stake in a Beijing
office complex.
Keppel Capital unit Alpha Investment Partners and Allianz Real
Estate will acquire the office complex for 1.3 billion Singapore
dollars ($948.6 million), Keppel Corp said Wednesday. The majority
stake will be divided between the two, with Alpha holding 38% and
Allianz Real Estate 62%.
The office complex is valued at S$1.5 billion and the
acquisition is expected to be completed in the fourth quarter of
2019, it said. The remaining 15% of the complex will continue to be
held by the seller, real-estate developer D&J China.
Write to Justina Lee at justina.lee@wsj.com
(END) Dow Jones Newswires
October 15, 2019 20:48 ET (00:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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