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

13 Octobre 2017

German insurer Allianz has partnered with the Shapoorji Pallonji Group to set up SPREF II, a rupee-denominated, closed-ended fund that aims to raise $500 million for investments in India's office space market.

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. "India's strong secular growth, demographic trends, and improving transparency are supporting stable real estate occupiers as well as investor demand, in particular the office sector which is ideal for longterm core investors like Allianz", Allianz Real Estate chief executive officer (Asia-Pacific), Rushabh Desai, said in a statement here.

The platform's strategy would be to acquire or develop office properties in six cities - Mumbai, Bengaluru, Hyderabad, Pune, Chennai, and National Capital Region. The proposed fund marks Allianz's first real estate transaction in India.

The venture will be supported locally by the Shapoorji Pallonji Investment Advisors team led by Rajesh Agarwal.

"Shapoorji Pallonji's developer/operator model is vertically integrated to oversee all aspects of deal sourcing, design and build, construction management, project management, asset management and investment management".

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The partnership will be managed by the Foundation for the National Institutes of Health (FNIH). NIH will contribute $160 million over five years, pending availability of funds.

"We view this partnership with Allianz as the first step in a relationship which will focus on creating long-term value for the investors and will be supported by Shapoorji Pallonji Group's substantial credentials and experience in delivering and managing real estate assets across key markets in India", said Shapoor Mistry, chairman of Shapoorji Pallonji Group.

Khaitan & Co, Ernst & Young and Macquarie Capital Securities (India) Pvt. Ltd acted as advisors to Allianz, while JLL, AZB and PwC were advisors to Shapoorji Pallonji Group.

The development comes at a time when commercial real estate has outdone other segments of the market.

The sale of Adani Realty's Mumbai commercial building complex, BKC Inspire, is.