Transactions - SEPTEMBER 13, 2018

Allianz Partners business park property in Shanghai

by Released

Allianz Partners has partnered with Alpha Investment Partner’s Alpha Asia Macro Trends Fund III (AAMTF III) and a co-investor to acquire Bay Valley C6, a class A office asset in Shanghai’s Bay Valley Business Park.

The gross asset value is approximately $90 million.

“This transaction is aligned with our approach of investing in China’s new economy, which has successfully transformed from a manufacturing-driven economy to a more balanced service-based economy. We are also excited about the long-term prospects of Shanghai as a 24x7 gateway city,” said Rushabh Desai, CEO Asia-Pacific at Allianz Real Estate. “This is our second investment with AAMTF III in China. Our partnership with Keppel is growing from strength to strength.”

The transaction was conducted by Allianz Real Estate, the real estate investment and asset manager of the Allianz Group, on behalf of several Allianz companies. Allianz will own 41.5 percent of the equity, and the remaining 58.5 percent stake will be held by AAMTF III and one of its co-investors. Allianz is also an investor in AAMTF III.

Bay Valley C6 is a 13-story class A office property located in the Bay Valley Business Park, one of the largest business parks in the Yangpu District. As one of the key business districts in Shanghai, Yangpu District has transformed into the city’s new technology and startup hub and is home to top-tier universities, such as the new Fudan University campus. Completed in June 2014, Bay Valley C6 offers a total above-ground gross floor area of 19,768 square meters (212,780 square feet) and has seen positive leasing demand, especially from the technology, media and telecommunications, and pharmaceutical sectors.

“The acquisition of the strategically located Bay Valley C6, which is seeing growing demand from companies in the biomedical and technology, media and telecommunications sectors, is an excellent addition to AAMTF III, given the positive outlook of Shanghai’s technology industry,” said Eric Goh, CEO (China), Keppel Capital.

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