By Justina Lee

A unit of Keppel Corp.'s (BN4.SG) asset-management arm has formed a joint venture with German insurer's Allianz SE's (ALV.XE) real-estate business to acquire a majority stake in a Beijing office complex.

Keppel Capital unit Alpha Investment Partners and Allianz Real Estate will acquire the office complex for 1.3 billion Singapore dollars ($948.6 million), Keppel Corp said Wednesday. The majority stake will be divided between the two, with Alpha holding 38% and Allianz Real Estate 62%.

The office complex is valued at S$1.5 billion and the acquisition is expected to be completed in the fourth quarter of 2019, it said. The remaining 15% of the complex will continue to be held by the seller, real-estate developer D&J China.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

October 15, 2019 20:48 ET (00:48 GMT)

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