It is Allianz's first real estate transaction in the country and was conducted by Allianz Real Estate, the real estate investment and asset manager within the Allianz Group, on behalf of several Allianz companies.
The deal forms part of Allianz's plan to allocate about 5 percent of its global real-estate portfolio to the Asia-Pacific region, Allianz said.
The platform aims to build a long-term, cash-flow producing office portfolio by buying a mix of develop-to-core, forward purchases and stabilised or stabilising assets, and targets tier-one Indian cities - Mumbai, Bangalore, Hyderabad, Pune, Chennai and the National Capital Region.
"We are looking to deploy approximately 60% of our Asia-Pacific allocation to growth economies", Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said.
Allianz will own 50% of the platform, and the remaining will be held by long-term institutional investors.
JLL, AZB, and PWC were advisors to Shapoorji Pallonji Group. "India is strategic to the Allianz Group", Francois Trausch, Global CEO of Allianz Real Estate, said in the statement. Strong secular growth, stellar demographic trends, and improving transparency are supporting stable real estate occupiers as well as investor demand, in particular the office sector which is ideal for long-term core investors like Allianz, he added.
"We view this partnership with Allianz as the first step in a relationship which will focus on creating long term value for the investors", said Shapoorji Pallonji Group Chairman Shapoor Mistry.
Khaitan & Co, Ernst & Young and Macquarie Capital Securities (India) Pvt.
Domestic investor ASK Property Investments Advisors recently opened up its investment horizon for commercial real estate and invested in a mixed-use project of ATS.
The sale of Adani Realty's Mumbai commercial building complex, BKC Inspire, is.