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Allianz Real Estate allocates $150M to Indian office development fund

Allianz Real Estate Holding is injecting $150 million in capital into a closed-end office development platform in India, IPE Real Assets reported.

The real estate investment arm of Allianz SE, Indian conglomerate Godrej Group and an unidentified European pension manager will each own 33% of the Godrej BTC (GBTC I) fund, which will focus on building premium offices in tier-one cities.

Godrej Fund Management will be the investment manager for the fund, which has secured two projects in Mumbai and Gurgaon that will offer a combined 2 million square feet of rentable space. In Bangalore, the platform has a 1.3 million-square-foot pipeline.

The investment is part of Allianz's strategy of allotting 50% to 60% of its real estate exposure in the Asia-Pacific region to fast-growing markets, according to the publication.