Keppel units to buy stake in Beijing office complex for $1.3b

The two firms will own an 85% interest in the complex.

Keppel Capital unit Alpha Investment Partners and Allianz Real Estate are jointly acquiring an 85% interest in an office complex in Beijing for $1.3b, according to a press release.

Alpha and Allianz will manage Ronsin Technology Center with its owner D&J China, who will hold the remaining 15% stake. The complex was completed on March 2018 and has a total net leasable area of 131,000 sqm.

Alpha and Allianz will have 38% and 62% stakes respectively in the venture. Allianz is an investor of the Alpha-managed AAMTF III, the private management arm of Keppel Capital.

According to Keppel Capital CEO Christina Tan, this marks AAMTF III’s first investment in Beijing in line with their strategy to expand in China.

The acquisition is set to be completed in Q4 2019.

Photo courtesy of DJChina.com.