Baker McKenzie and its member firms recently advised Gaw Capital on a joint venture with Allianz Real Estate to acquire the DUO Tower and DUO Galleria, a premium grade-A office asset with ancillary retail in Singapore, for approximately SGD 1.6 billion.
Located above the Bugis MRT Interchange station, the commercial asset comprises 557,972 square feet of international premium grade-A office space with floor plates ranging between 26,000 and 31,000 square feet, as well as 59,873 square feet of retail space. The asset will be jointly managed by Gaw Capital and Allianz Real Estate, with Gaw Capital, which is representing a sovereign wealth fund in the transaction, owning a 40% interest in the property, and Allianz owning the remaining 60%.
In addition to advising Gaw Capital on the establishment of the joint venture, the Baker McKenzie team also advised Gaw Capital on the formation of the separate account with the sovereign wealth fund in connection with the transaction.
Baker McKenzie fielded a multijurisdictional team for the deal, including Edwin Wong, Elizabeth Mifsud and Stephanie Chen from Hong Kong; Sue Wan Wong, Shin Mei Koay and Yi Yong Choo from Malaysian member firm Wong & Partners; and Luyi Chan and Alina Tan from Singapore member firm Baker McKenzie Wong & Leow.
Commenting on the deal, Edwin Wong said: “This joint venture will deepen Gaw Capital's strong partnership with Allianz Real Estate and strengthen Gaw Capital's presence in the Singapore market. We are very pleased to have assisted them on this exciting new venture and look forward to continuing to support Gaw Capital as they establish other partnerships and seek other investment opportunities across the Asia Pacific region."