Khazanah unit to divest office and retail space for RM4.73bil

M+S is a 60:40 joint venture between sovereign wealth funds Khazanah Nasional Bhd of Malaysia and Temasek Holdings of Singapore. It was set up in 2011 to develop two integrated developments in central Singapore, namely, Marina One and Duo

SINGAPORE: M+S Pte Ltd has proposed to dispose of its entire stake in its wholly owned subsidiary, Ophir-Rochor Commercial Pte Ltd (ORC), for S$1.575bil (RM4.73bil).

In a statement, M+S said the sale of its property development unit, which manages office and retail space in Singapore, to Allianz Real Estate, acting on behalf of several Allianz group companies, and real estate private equity firm Gaw Capital Partners, acting on behalf of a sovereign wealth fund separate account, would equate to S$2, 570 per sq ft of net lettable area.