Allianz Real Estate, part of Munich-based Allianz SE has pledged USD 150 million to an office development platform managed by the Godrej Group as part its expansion plan in India.
The investment is part of Allianz Real Estate’s strategy to allocate 50-60 percent to its real estate exposure within the Asia Pacific to fast growing markets such as China and India.
Under the platform Godrej BTC, the Godrej Group will be developing two office projects spanning around two million sq ft and apart from a current pipeline of 1.3 million sq ft in Benguluru, Karnataka.
While the platform is managed by Godrej Fund Management, Allianz, Godrej Group and a European pension manager each own a third of of it. In 2017, Allianz made its first investment in India through an office investment platform with Shapoorji Pallonji, followed by a logistics development venture with ESR in 2018.