Allianz to expand real estate footprint in Beijing, acquiring €1b office complex
Allianz Real Estate, acting on behalf of several Allianz companies, has formed a joint venture with Alpha Asia Macro Trends Fund III, a fund managed by Alpha Investment Partners, the private fund management arm of Keppel Capital, to acquire an 85 percent interest in Ronsin Technology Center, an international grade A office complex in Beijing’s Wangjing sub-district at a valuation of approximately €1 billion ($1.1 billion).
The remaining 15 percent interest will be retained by the seller, D&J China.
Allianz will have 62 percent share in the joint venture and is also one of the investors in the fund. The sale and purchase agreement as well as the joint venture agreement have been executed, with the transaction expected to close in fourth quarter 2019.
The asset will be jointly managed by Allianz Real Estate, Alpha Investment Partners and D&J China.
Completed in March 2018, the Ronsin Technology Center comprises six office towers and two retail p