Allianz, one of the world's leading insurers and asset managers, said it has partnered with Shapoorji Pallonji (SP) Group to establish SPREF II, a $500-million Singapore-domiciled, rupee-denominated, closed-ended fund targeting the office market in India.
The fund will be supported by the Shapoorji Pallonji Investment Advisors team and led by veteran dealmaker Rajesh Agarwal. Allianz will own 50 per cent of the platform, with the remaining half held by long-term institutional investors.
The deal forms part of Allianz's strategy to allocate around five per cent of its global real estate portfolio to the Asia Pacific region.
Francois Trausch, Global CEO of Allianz Real Estate, noted: "India is strategic to the Allianz Group".
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The platform's strategy would be to acquire or develop office properties in six cities - Mumbai, Bengaluru, Hyderabad, Pune, Chennai, and National Capital Region. "The Indian economy has been consistently outperforming", said Rushabh Desai, Asia-Pacific chief executive officer, Allianz Real Estate. "Strong secular growth, stellar demographic trends, and improving transparency are supporting stable real estate occupiers as well as investor demand, in particular the office sector which is ideal for long-term core investors like Allianz".
"We have partnered with a top local operator to take advantage of this favourable environment".
"In growth economies like China and India, real estate provides a scalable entry into the market for Allianz in terms of investments/asset management exposure".
The transaction, which marks the German firm's first investment into real estate in India, was conducted by Allianz Real Estate, a $63.5 billion real estate investment and asset management firm within the group.
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Khaitan & Co, Ernst & Young and Macquarie Capital Securities (India) Pvt.
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The development comes at a time when commercial real estate has outdone other segments of the market.
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