China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

REAL ESTATE TOP STORIES

Allianz makes first Singapore property move in $392 million deal

Allianz makes first Singapore property move in $392 million deal

The company is making its first foray into Singapore’s property market with the purchase of a stake in an office tower in the city’s central business district

Allianz Real Estate, the real estate investment arm of Allianz Group, will acquire a 20% stake in Ocean Financial Centre, a 43-story Grade-A office tower, from Keppel REIT for $392mn, said the company in a statement. The deal is part of Allianz’s strategy to allocate 5%-10% of its real estate investments to the Asia-Pacific region.

“This transaction is aligned with our approach of creating a quality portfolio of core assets in 24×7 cities,” stated Rushabh Desai, Asia-Pacific chief executive officer at Allianz Real Estate.

Singapore prime office rents have climbed 18% during the past six quarters amid a dearth of new space. Supply will only start to increase in 2020 with the scheduled completions of ASB Tower and Afro-Asia i-Mark. In 2021, CapitaSpring and the redevelopment of Hub Synergy Point should be complete, followed by IOI Properties’ development in Marina Bay in 2022, according to JLL.

Keppel REIT currently owns 79.9% of Ocean Financial Centre. Built in 2011 by Keppel Land, the property has a total net leasable area of 877,635 sq ft, comprising an office tower with retail outlets on the ground floor and basement level. The occupancy rate was 95.5% as of September 30.

“This strategic partnership (with Keppel REIT) will also put us in good stead as we look towards exploring future collaborations,” Desai stated.

This marks Allianz Real Estate’s third major deal in Asia in eight days. The company acquired a 50% stake in a portfolio of five modern logistics assets across China for an undisclosed sum on November 22. A day later, it announced a tie-up with Australian real estate company ESR Group to set up a $225 million investment programme targeting logistics assets across India.

Allianz Real Estate had $68.30bn of assets under management (AUM) as of the end of October 2018.

Keppel REIT is managed by Keppel REIT Management Ltd, a wholly-owned unit of asset management firm Keppel Capital Holdings Pte Ltd, which had AUM of $29bn as of end-2017.

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