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 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.
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