As a part of its expansion plan in India, Munich Based Allianz SE’s subsidiary, Allianz Real Estate on Tuesday said that it has committed $150 million in a Godrej Group managed office development platform.
The company in a statement said that the investment is a part of a strategy of Allianz Group to allocate 50-60% in fast-growing real estate markets of the Asia Pacific such as China and India.
Apart from developing the current pipeline of 1.3 million sqft in Bengaluru, Mumbai based real estate firm, Godrej BTC will be developing two office projects covering around 2 million sqft.
The platform is managed by Godrej Fund Management, Godrej, Allianz and a European pension manager, owning a third of it by each entity.
Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said, “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.”
Allianz made its first investment in India in 2017 with Shapoorji Pallonji, through an office investment platform. This was followed by the logistics development venture with ESR in 2018.
Karan Bolaria, MD and CEO of Godrej Fund Management said, “We are excited about this new partnership. Godrej is one of the most trusted brands in India with a successful track record in office. We are confident that the platform will deliver upon completion a premium office product that is increasingly sought after by multinational tenants operating in India,”