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Shapoorji, Allianz partner for $500 mn realty fund

DNMUM398528 | 10/13/2017 | Author : Ateeq Shaikh | WC :568

The JV has a potential to buy out or develop $1.5 bn worth of projects

Mumbai: Shapoorji Pallonji Group has partnered with the real estate arm of German insurer Allianz for a $500 million equity fund, thereby marking latter’s foray into Indian real estate market.
An announcement made by Allianz read that it has partnered with Shapoorji Pallonji Group to establish SPREF II, a Singapore-domiciled, rupee-denominated, closed-ended fund targeting the office market in India. The German institutional investor will hold 50% of the platform, while the balance will be “held by like-minded long-term institutional investors.”
“This marks Allianz’s first real estate transaction in India and was conducted by Allianz Real Estate, the $63.5 billion (€53 billion) real estate investment and asset manager
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