Institution: Allianz Real Estate
Headquarters: Munich, Germany
Allocation to alternatives: 100%
Allianz Real Estate has agreed to commit $150 million to Godrej Build to Core – (GBTC I), according to a recent press release on the firm’s website. The Godrej Properties-managed vehicle is targeting core office property development in tier one Indian cities.
“We continue to believe in the long-term growth prospects of the Indian economy. 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,” said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate.
Allianz, Godrej and an undisclosed European public pension will each own a third of GBTC I.
This is Allianz Real Estate’s third investment in Indian property, following the creation of an office investment fund alongside Shapoorji Pallonji in 2017 and a logistics development venture with ESR in 2018. In the long-run, the firm wants to allocate 50-60 percent of its real estate exposure within Asia-Pacific to fast-growing markets such as China and India.
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