Shapoorji Pallonji, Allianz tie-up for $500 mn realty fund

NEW DELHI: 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 USD 500 million in equity," Allianz group said.