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Singapore skyline Commercial buildings standing in the central business district are reflected in a rooftop pool in Singapore, on Wednesday, June 13, 2018. (Photo: Brent Lewin/Bloomberg)

Allianz SE 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 S$537.3 million ($392 million), the company said in a statement Friday. The deal is part of Allianz’s strategy to allocate 5% to 10% of its real estate investments to the Asia-Pacific region, it said.

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