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Allianz joins Keppel to buy Shanghai's Hongkou SOHO

They are paying US$525m for the office and retail mixed-used development

Published Wed, Aug 23, 2017 · 09:50 PM

Singapore

GERMANY-BASED insurer and asset manager Allianz has partnered Singapore's Keppel Group to acquire an office and retail mixed-used development, Hongkou SOHO in Shanghai, China, for US$525 million.

The deal, undertaken through Allianz Group's US$53 billion real estate investment and asset manager Allianz Real Estate, is part of its strategy to allocate around 5 per cent of its global real estate portfolio to the Asia-Pacific region.

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