October 12, 2017 / 9:52 AM / 5 months ago

Allianz, Shapoorji Pallonji partner to set up $500 million India fund

REUTERS - German insurer Allianz SE said it had partnered with Indian conglomerate Shapoorji Pallonji Group to set up a $500 million real-estate fund aimed at the office market in India.

The logo of insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/Files

Allianz will own 50 percent of the rupee-denominated closed-ended fund, SPREF II, while long-term institutional investors will hold the rest, it said on Thursday.

The deal forms part of Allianz’s plan to allocate about 5 percent of its global real-estate portfolio to the Asia-Pacific region, Allianz said.

The venture, which will be supported locally by Shapoorji Pallonji Investment Advisors team, aims at building long-term, cash flow producing office portfolio by buying a mix of assets in Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Delhi.

Reporting by Krishna V Kurup in Bengaluru; Editing by Gopakumar Warrier

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