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SINGAPORE: A joint venture between Malaysian sovereign fund Khazanah and Singaporean state investor Temasek sells office and retail units of its DUO real estate project in Singapore, announced Monday (July 29th) at the end of the day.
The joint venture M + S Pte Ltd will sell all shares of its wholly-owned subsidiary, Ophir-Rochor Commercial Pte Ltd, worth S $ 1.575 billion (US $ 1.15 billion) to Allianz Real Estate and private equity firm Gaw Capital Partners.
Khazanah unveiled earlier this year a plan to provide the government with more money by reducing its holdings in non-core badets and reiterating its presence abroad, while Temasek recorded the smallest increase in portfolio in three years in 2018, the disinvestment value exceeds the investments.
The sale announced in a statement Monday includes DUO Tower, a 20-storey high-grade office building, and DUO Galleria, a 56,000-square-foot sales office located just outside the city's financial district.
M + S still owns Andaz Singapore, a five-star hotel managed by Hyatt, occupying the top 15 floors of the DUO tower as well as the 660 upscale residential units.
M + S also owns Marina One in Singapore, a development project comprising 1.88 million square feet of office space with tenants, including Facebook, 140,000 square feet of retail space at detail and luxury apartments.
Detained at 60:40 by Khazanah and Temasek, M + S was established in June 2011 to develop the two projects in Singapore.
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