Allianz RE buys logistics centers in Asia
Allianz Real Estate is acquiring more logistics centers in Asia. One of the acquisitions is a 50 % share of a portfolio with core logistics assets in China, which were developed in 2016 and 2017 by Vailog China and belong to a fund managed by Gaw Capital. The package contains five assets in Shanghai, Jiaxing, Foshan, Wuhan and Shenyang totaling about 375,000 sqm lettable space. Vailog and Gaw will retain 50 % of shares and continue to manage the assets as before. Allianz is also establishing a partnership with ESR Group in order to invest in the Indian logistics market. ESR and Allianz are each providing equal shares of immediate funding in the amount of $225mn. They intend to build a portfolio with $1bn in assets under management, Allianz states. The eight targeted key cities are Mumbai, Pune, Chennai, Bangalore, Hyderabad, Ahmedabad, Kolkata, and the National Capital Region (“Delhi”).
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