Allianz has looked to expand its real estate business in China by forming a joint venture (JV) with a fund managed by a subsidiary of Singapore-based alternative asset manager Keppel Capital.
The Alpha Asia Macro Trends Fund III is managed by Alpha Investment Partners, Keppel’s private fund management arm.
The deal will enable Allianz and its JV to acquire an 85% stake in Ronsin Technology Centre, an office complex based in Beijing and valued at approximately $1 billion.
Allianz will have a 62% share in the JV as well as being an investor in the fund. The transaction is expected to close in the final quarter of 2019.
Allianz Real Estate chief executive for Asia Pacific, Rushabh Desai, described the move as “a continuation of Allianz’s investment strategy to allocate 50-60% of its Asia Pacific real estate exposure to fast-growing markets such as China and India”.
It is Allianz’s second acquisition of office space in Beijing following its 2018 purchase of a 98% interest in ZLink, a grade A office asset located in Zhongguancun.
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