NPS and Allianz to launch $2.3b Asian property fund

South Korea’s National Pension Service (NPS) and Allianz are reportedly planning to launch a $2.3 billion property fund targeting core real estate in Asia, according to several news reports.

The platform will be in the form of anew Singapore domiciled, closed-end fund called Allianz Real Estate Asia-Pacific Core I (AREAP Core I) which will boast an investment capacity of more than $4.6 billion.

The 50-50 joint venture will invest in markets such as China, Australia, Japan and Singapore, and target landmark office buildings, logistics centers and residential properties in major urban areas.

“By establishing partnerships with like-minded global leading groups, NPS will share various investment experiences and strengthen capabilities, as well as securing prime investment opportunities to increase long-term returns,” said Hyo-joon Ahn, CIO of NPS, according to Korea Economic Daily.

The AREAP C