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Report: Gaw Capital-led consortium in talks for Singapore office, retail space


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Report: Gaw Capital-led consortium in talks for Singapore office, retail space

A consortium led by Hong Kong private equity firm Gaw Capital Partners is in discussions for a possible acquisition of the office and retail components of the Duo integrated development in Singapore's Bugis area, The (Singapore) Business Times reported.

The price of the acquisition is expected to be S$1.58 billion, and Allianz Real Estate may join the consortium for the deal, according to the publication.

The targeted properties are the Duo Tower office building with a net lettable area of approximately 560,000 square feet and the Duo Galleria shopping plaza, which provides a net lettable area of about 55,000 square feet. Abbott Laboratories, Chevron Corp. and Mastercard Inc. are among Duo Tower's tenants.

The properties are being sold by M+S Pte. Ltd., a 60/40 joint venture between Malaysian sovereign wealth fund Khazanah Nasional Bhd. and Singapore state investment firm Temasek Holdings (Pte.) Ltd. They form part of the Duo mixed-use project, which comprises a 49-story residential tower and a 39-story commercial tower with office space, retail space and a five-star hotel.

Gaw Capital, Allianz Real Estate and M+S all declined to comment, the paper added.

Aside from the rumored buyers, several other parties including CapitaLand Commercial Trust are reportedly also interested in the properties. RB Capital, meanwhile, is believed to be in separate negotiations with the selling joint venture to buy the mixed-use project's 342-room Andaz Singapore hotel component for a price estimated to be within the S$470 million to S$480 million range.

As of May 30, US$1 was equivalent to S$1.38.