Allianz invests $150mn in India office projects
Allianz Real Estate is investing $150mn on behalf of it parent company in a closed-ended fund of the Indian project developer Godrej Group. The fund aims to develop premium class offices at prime locations in India. The joint venture has already secured two projects in Mumbai and Gurgaon with a total of 186,000 sqm. Another project involving a good 120,000 sqm in Bengaluru is in the acquisition phase. The joint venture is held by Allianz, Godrej and a European pension fund, each with one third; Godrej Funds Management is acting as investment manager. Allianz was advised on the transaction by Allen & Gledhill, Khaitan & Co, Ernst & Young and Aecom. Allianz’s first Indian investment was the establishment of a joint venture with Shapoorji Pallonji for office project developments in 2017. This was followed by a logistics development project with ESR in 2018.
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