As a part of the deal, Gaw Capital and Allianz would be acquiring 570,000 sq ft of prime office space in the office block Duo Tower which meets Grade-A commercial space criteria and 56,000 sq ft of retail space at Duo Galleria.
However, Andaz Singapore, a luxury hotel run by the Hyatt Group will continue to occupy the top 15 levels in the property which will remain M+S’s holding in the building after this deal.
Khazanah Nasional, Malaysia based wealth fund has 60% holding in M+S while the remaining belongs to Temasek Holdings based in Singapore.
The joint venture also owns Marina Bay’s mixed-use development Marina One.
Construction for Marina One and Duo started in the year 2010.
It was part of a major land-swap deal which saw Malaysia exchange several land parcels in Bukit Timah, Kranji, Woodlands and Tanjong Pagar that belonged to Malayan Railway for Marina South and Ophir-Rochor sites.