On behalf of a number of Allianz entities, Allianz Real Estate has committed USD 150 million to a closed-end office development platform, which is to be managed by the Godrej Group, a global conglomerate which is head-quartered in India.
The “Godrej BTC” platform will target the development of grade-A offices in tier one Indian cities, including two already-secured developments in Mumbai and Guragon, which total 2 million square feet. A further 1.3 million square foot development in Bengaluru is also pending confirmation.
The transaction marks Allianz’s expansion of its existing real estate presence in India, which began in 2017 upon the establishment of an office investment platform. This was followed by a collaboration with ESR, which pursued a logistics development venture, according to a report by The Asset.
Rushabh Desai, the Asia-Pacific CEO of Allianz Real Estate has said that “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.”
Karan Bolaria, the managing director & CEO of Godrej Fund Management stated that “We are pleased to partner with Allianz Real Estate on our office development platform, GBTC I. GFM’s unique blend of strong development management and investment management capabilities positions us well to deliver on the opportunity to develop and manage world class Grade - A office assets across India.”
In the formulation of this deal, Allianz received advice from AECOM, Ernst & Young, Allen & Gledhill, and Khaitan & CO.
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