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.
The investment was made through Allianz Real Estate’s AREAP Core I Fund, a Singapore-domiciled close-end fund a $2.3 billion investment platform in which NPS and Allianz each holds a 50% interest.
The transaction value translates into a passing, or initial yield, of 3.6%, Allianz Real Estate said in a statement this week. The deal is expected to close by the end of February.
“We believe OUE Bayfront...
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