News

Allianz expands India footprint with $150m commitment

Allianz Real Estate has committed $150 million (€134 million) to an office development platform as part of its strategy to allocate between 50% and 60% of its Asia Pacific real estate exposure to fast-growing markets such as China and in this case, India. The closed-end office development platform, Godrej BTC (GBTC I), will be managed by India’s Godrej Group. It aims to develop grade-A offices in India’s tier one cities. Allianz, Godrej and a European pension manager will each own a third of the office development platform while Godrej Fund Management will act as the investment manager, Allianz Real Estate said in a statement. “We continue to believe in the long-term growth prospects of the Indian economy,” said Rushabh Desai, chief executive for Asia-Pacific at Allianz Real Estate. “Strong demographic trends and improving transparency are supporting real estate occupier as well as investor demand, in particular the office sector, which is ideal for long-term institutional investors such as Allianz,” he added. ©2019 funds global asia

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