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Investors - AUGUST 13, 2019

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Allianz commits $150m to develop offices in India with Godrej

by Andrea Zander

Allianz Real Estate has committed $150 million to a closed-end office development platform managed by the India-based Godrej Group.

The investment is part of Allianz’s strategy to allocate 50 percent–60 percent of its real estate exposure within the Asia-Pacific exposure to fast-growing markets such as China and India.

The platform, Godrej BTC (GBTC I), targets the development of premium class A offices in tier-one cities in India. It has secured two developments, one each in Mumbai and Gurgaon, totaling 2 million square feet and has a current pipeline of 1.3 million square feet in Bengaluru. Allianz, Godrej and a European pension manager will each own one-third of the office development platform; Godrej Fund Management will act as the investment manager.

The transaction marks the expansion of Allianz’s real estate presence in India. In 2017, Allianz made its first investment in India by establishing an office investment platform with Shapoorji Pallonji,

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