Shapoorji, Allianz tie up for $500-mn office fund

Mumbai-based conglomerate Shapoorji Pallonji has partnered with German insurer Allianz to set up a $500-million fund to invest in office properties in the country.

Allianz will contribute half of the corpus and the rest will be raised from other institutional investors. Shapoorji will raise funds, manage the assets and exit the investments. This marks Allianz’s first real estate transaction in India.

This is the third tie up by Shapoorji for office investments. In 2013, it signed a 80:20 joint venture (JV) with Canada’s pension fund manager CPPIB to invest in office assets, which has invested in an IT park in Chennai.

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