- S Africa widens hunt for Zuma allies to India, China
- India best placed to leverage technology: PM
- DMK to convene 'all-party' meet on Cauvery issue
- Pak charges Rs 2.86L as route navigation charges on PM flights
- Mentally challenged person shot dead near J&K Air Force station
- FIR against Rotomac promoter for Rs 800 cr bank fraud: CBI
- PNB fraud fallout: CBI seals Brady House Branch in Mumbai
Shapoorji Pallonji, Allianz tie up for $500 million realty fund
Construction major Shapoorji Pallonji group and Germany-based Allianz group have tied-up for a $500 million equity fund to buy office assets in India. Allianz, one of the world's leading insurers and asset managers, today said it has “partnered with Shapoorji Pallonji Group to establish SPREF II, a Singapore-domiciled, rupee denominated, closed-ended fund targeting the office market in India.”
This marks Allianz's first real estate transaction in India. Allianz will own 50 per cent of this platform, and the remaining will be held by long-term institutional investors. “The fund is targeting to raise $500 million in equity,” Allianz group said in a statement. Francois Trausch, Global CEO of Allianz Real Estate, said India is strategic to the Allianz Group.
“In growth economies like China and India, real estate provides a scalable entry into the market for Allianz in terms of investments/asset management exposure,” he said. The platform's strategy would be to acquire or develop office properties in six cities -- Mumbai, Bangalore, Hyderabad, Pune, Chennai, and National Capital Region.
With help of this equity fund, the JV has the potential to buy out or develop close to $1.5 billion (assuming debt-equity of 2:1) worth of commercial projects across India. Shapoorji Pallonji Group Chairman Shapoor Mistry said: “We view this partnership with Allianz as the first step in a relationship which will focus on creating long term value for the investors.’’
The platform will be supported by the group’s substantial credentials and experience in delivering and managing real estate assets across key markets in India, he added. The venture will be supported locally by the Shapoorji Pallonji Investment Advisors team led by Rajesh Agarwal. Shapoorji Pallonji Group is a diversified business house, with clients in over 50 countries, delivering complex and challenging projects for over 150 years. It operates in 6 major business areas namely engineering & construction, infrastructure, energy, real estate, water and financial services, with 16 group companies and a strong employee base of over 60,000 people.
The group has $250 million equity JV with IFC (subsidiary of World Bank) and Asian development Bank to develop affordable housing projects pan-India. Currently, three projects are at various stages of development. This should build more than 15,000 units of affordable housing pan India. The group also has a $200 million deal with Canadian Pension Plan (CPPIB) for a 2.7 million sq ft operational IT park in Chennai.
- United India Insurance's net profit at `306.27 cr during April-Dec last year 19 Feb 2018 | PNS
- FPIs' net outflow from equities hits $1 bn so far in February 19 Feb 2018 | PTI
- Uncertainty looms over mega petrochemical project in AP 19 Feb 2018 | PTI
- Five of top-10 firms take Rs 38,724 cr hit in m-cap 19 Feb 2018 | PTI
- India's finished steel export slides over 30% in Jan 19 Feb 2018 | PTI
- Impact of GST on restaurant industry positive, says survey 19 Feb 2018 | Manoj Raghuvanshi
- CII-IBA Q4 Financial Conditions Index up over 2016-17, falls below Q3 19 Feb 2018 | IANS
- Coal import rises by 12% to 18 million tonnes in January 19 Feb 2018 | PTI
- Incentives for green tech, artificial intelligence likely 19 Feb 2018 | PTI
- RIL plans Rs 60k-cr digitial industrial area in Maharashtra 19 Feb 2018 | PTI
Sunday EditionView All
18 Feb 2018 | Gwynne Dyer
Now that Jacob Zuma has finally exited, the African National Congress, which has fallen a long way from its glory days, has one last chance to rebuild its reputation before next year’s election. Whether the ANC is the best bet for South Africans is a different question altogether As a passer-by in the upscale Johannesburg suburb of Saxonwold observed, the South African Police would never have raided the enormous, high-walled compound...
STATE EDITIONSView All
19 Feb 2018 | SURESH NIKHAR | Bokaro
A police team of Bokaro Thermal police station headed by inspector cum officer-in charge Parmeshwar Leyangi on Sunday morning conducted raids at Ganjutola in Armo forest area here and seized approx 2.5 tonnes of illegal coal along with their 4 motorcycles and 5 cycles,said Bokaro SP Kartik S...