[UPDATED] M+S divests Duo’s office and retail components for $1.575 bil

M+S has agreed to the sale of all the shares of its wholly owned subsidiary, Ophir-Rochor Commercial, to Allianz Real Estate and Gaw Capital Partners, for a sale consideration of $1.575 billion. The offer was received through an expression of interest exercise conducted by JLL.
Ophir-Rochor Commercial is the developer and owner of Duo Tower and Duo Galleria, which make up the office and retail components of the mixed-use development, Duo. The sale consideration translates to $2,570 psf on the net lettable area of Duo’s office and retail components.
Duo Tower is a 20-storey tower with 557,972 sq ft of Grade-A office space and has floor plates of 26,000 to 31,000 sq ft. It is leased to several multinational corporations and local companies. Duo Galleria is a 59,873 sq ft retail mall that is 97% occupied, and connects to Bugis MRT Interchange Station on the East-West and Downtown Lines.
A view of the mixed-use development Duo (Picture: M+S)
The entire development also includes the 660-unit Duo Residences, as well as the five-star luxury hotel Andaz Singapore which occupies the top 15 floors of Duo Tower. These two components of Duo are not part of the sale.
Allianz Real Estate is acting on behalf of several companies in the Allianz group, while real estate private equity firm Gaw Capital is acting on behalf of a sovereign wealth fund account. Allianz will own 60% of the acquired assets, while the remainder will be owned by Gaw. The assets will be jointly managed by Allianz and Gaw.
“Duo has enormous potential given its fantastic location and connectivity, and [the transaction] marks an important milestone for Gaw Capital in the Singapore real estate market,” says Kenneth Gaw, president and managing principal of Gaw Capital Partners.
The $1.575 billlion sale is for the Grade-A office Duo tower and retail component Duo Galleria (Picture: Samuel Isaac Chua/EdgeProp Singapore)
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