Munich-based Allianz SE has committed $150 million to an office development platform managed by Godrej Group. The investment is part of Allianz's strategy to allocate 50-60% to its real estate exposure within the Asia Pacific to fast growing markets such as China and India. Under the platform, Godrej BTC, the Mumbai-based real estate firm, would be developing two office projects spanning 2 million sq ft, apart from the current 1.3 million sq ft in Benguluru. While the platform is managed by Godrej Fund Management, Allianz, Godrej and a European pension manager each own a third of it. 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 said Asia-Pacific CEO, Allianz Real Estate, Rushabh Desai. Godrej is one of the most trusted brands in India with a successful track record and the company is confident that on completion, a premium office product will be much sought after by multinational tenants operating in India, said Managing Director and CEO, Godrej Fund Management, Karan Bolaria.
📅Published on:
16 August 2019
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