Gaw Capital Partners's consortium with Allianz Real Estate secured a S$945 million green loan from United Overseas Bank Ltd., DBS Bank Ltd. and Standard Chartered Bank (Singapore) to help finance its nearly S$1.58 billion acquisition of Singapore properties from M+S Pte. Ltd., IPE Real Assets reported Dec. 16.
As part of the transaction, the consortium is purchasing the 570,000-square-foot Duo Tower office block and the 56,000-square-foot Duo Galleria retail property from the 60/40 joint venture between Malaysian sovereign wealth fund Khazanah Nasional Bhd. and Singapore state investment firm Temasek Holdings (Pte.) Ltd. The properties are part of the Duo integrated development, which also features a 49-story residential tower with 660 apartments, a five-star hotel and a 39-story commercial tower.
Rushabh Desai, CEO of Allianz Real Estate Asia Pacific, told the publication that green loans allow the real estate investment management arm of Allianz Group to invest responsibly while strengthening relationships with like-minded partners.
As of Dec. 16, US$1 was equivalent to S$1.35.