Allianz RE commits $150m to Indian office development platform

Residential and commercial buildings stand in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg

Allianz Real Estate, the property investment arm of German insurer Allianz, has committed $150 million to a closed-end office development platform managed by India’s Godrej Group.

The platform, Godrej BTC (GBTC I), targets the development of premium Grade-A offices in tier-one cities in India, per an announcement on Tuesday.

Along with Allianz, the other two backers of the $450-million platform are Godrej and European pension manager APG Asset Management. The three will own one-third of the office development platform while Godrej Fund Management will act as the investment manager, Allianz said.

GBTC I currently has two developments in its kitty, one each in Mumbai and Gurgaon, totalling 2 million square feet. It has a current pipeline of 1.3 million square feet in Bengaluru.

For Allianz, the investment in GBTC I is part of its strategy to allocate 50-60 per cent of its real estate exposure within Asia-Pacific to fast-growing markets such as China and India.

In 2017, the firm made its first investment in India by establishing an office investment platform with Shapoorji Pallonji. Last year, it backed a logistics development venture with ESR.

“Strong demographic trends and improving transparency are supporting real estate occupier as well as investor demand, in particular, in the office sector, which is ideal for long-term institutional investors such as Allianz,” said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate.

Allen & Gledhill, Khaitan & Co, Ernst & Young and AECOM acted as advisors to Allianz.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.