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Allianz, Alpha form JV to acquire interest in €1B office property in Beijing

A joint venture between Allianz Real Estate and Alpha Investment Partners Ltd.-managed Alpha Asia Macro Trends Fund III acquired an 85% interest in an office building in Beijing that is valued at roughly €1 billion.

The purchase of the stake in Ronsin Technology Center is expected to complete in the fourth quarter.

Allianz holds 62% of the joint venture and the Alpha fund owns the remaining 38%.

Located above the Laiguangying subway station in the Wangjing sub-district, the international grade A complex comprises six office towers and two retail podiums, with a total leasable area of about 131,000 square meter. Its current occupancy rate is 70%.

Alpha Investments is the private fund management arm of Keppel Capital Pte. Ltd.