Allianz, Keppel buy Beijing office for US$949m
German insurer property unit, Allianz Real Estate and Singapore-based Alpha Investment Partners have acquired an 85% stake in a northeastern building in Beijing’s Wangjing sub-district.
The building, Ronsin Technology Center, was sold for US $949M from previous majority owner, Shanghai-based D&J China. The company will still retain and 15% share of the complex. The office complex comprises six office towers, retail podium, and is located under the Laiguangying subway station.
Allianz will hold 62% interest in the JV, while Alpha will own the remaining 38% JV share.
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