Allianz picks 20% stake in Singapore's Ocean Financial Centre for $392m

The logo of Europe's biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

German insurer Allianz’s realty investment arm Allianz Real Estate will pick up a 20 per cent stake in Singapore’s Ocean Financial Centre for S$537.3 million ($392.3 million), it said in a statement on November 29.

The investment to be made by the EUR 60-billion ($68.4 billion) Allianz Real Estate is part of the parent firm’s strategy to allocate 5-10 per cent of its real estate exposure to Asia Pacific.

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