TD News International
Allianz now buying in India
Allianz Real Estate is looking to the Indian real estate market. The Munich-based company is partnering with the Shapoorji Pallonji Group to launch a Singapore-domiciled, closed-ended SPREF II fund. Allianz will own 50% of the investment, with the remaining half held by other long-term institutional investors. The Indian-rupee dominated fund is targeting to raise $500mn (€438mn) in equity and build a portfolio of office properties in Mumbai, Bangalore, Hyderabad, Pune, Chennai, and the Northern Capital Region. Allianz is looking at both stabilized assets and develop-to-core and forward purchases. This first real estate transaction in India is part of the group’s strategy to invest around 5% of its global real estate portfolio in the Asia-Pacific region. Allianz Real Estate is overseeing assets valued at $63.5bn (€53bn) for the insurer.
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