Al­lianz, Shapoorji Pal­lonji tie up

The Hindu Business Line - - FRONT PAGE -

Ger­man in­sur­ance en­tity Al­lianz Group has formed a part­ner­ship with con­struc­tion giant Shapoorji Pal­lonji Group to set up a $500 mil­lion real es­tate fund, SPREF II, which will in­vest in com­mer­cial of­fice prop­er­ties in In­dia. This will be a ru­peede­nom­i­nated, closed-ended fund. Al­lianz AG will own 50 per cent of the fund and the rest will be held by long-term in­sti­tu­tional in­vestors. The JV has the po­ten­tial to buy out or de­velop close to $1.5 bil­lion worth of com­mer­cial projects across the coun­try. p2

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