Allianz Real Estate Will Invest $150 Mn In Fund Managed By Godrej

New Delhi: Allianz Real Estate will invest USD 150 million in a fund managed by Godrej Group for development of office properties.

"Allianz Real Estate, acting on behalf of several Allianz companies, has committed USD 150 million to a closed-end office development platform managed by the Godrej Group," Allianz Group said in a statement.

The investment is part of Allianz's plan to allocate 50-60 percent of its real estate exposure in the Asia-Pacific region to fast-growing economies like India and China.

The fund, Godrej BTC (GBTC I), has already secured two office space developments, one each in Gurugram and Mumbai, totaling 2 million sq ft. There is a current pipeline of 1.3 million sq ft in Bengaluru.