Property Deal

South Korea’s NPS, Allianz jointly buy 50% of Singapore’s OUE Bayfront for $478 mln

Allianz Real Estate enters purchase agreement on behalf of the two investors, with transaction value translating to a passing yield of 3.6%. Deal expected to close by end of February.

The National Pension Service of Korea NPS and Allianz group companies have jointly acquired 50% of Singapore’s OUE Bayfront for S$634 million $478 million, seeking stable investment income from a prime-grade property asset in the city-state.

The investment was made through Allianz Real Estate’s AREAP Core I Fund, a Singapore-domiciled close-end fund a $2.3 billion investment platform in which NPS and Allianz each holds a 50% interest.

The transaction value translates into a passing, or initial yield, of 3.6%, Allianz Real Estate said in a statement this week. The deal is expected to close by the end of February.

“We believe OUE Bayfront...

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