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.

FA Reporters

January 20, 2021

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.

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