Allianz, Shapoorji Pallonji partner to set up $500 million India fund

German insurer Allianz SE said it had partnered with Indian conglomerate Shapoorji Pallonji Group to set up a $500 million real-estate fund aimed at the office market in India.

Allianz will own 50 percent of the rupee-denominated closed-ended fund, SPREF II, while long-term institutional investors will hold the rest, it said on Thursday.

The deal forms part of Allianz`s plan to allocate about 5 percent of its global real-estate portfolio to the Asia-Pacific region, Allianz said.

The venture, which will be supported locally by Shapoorji Pallonji Investment Advisors team, aims at building long-term, cash flow producing office portfolio by buying a mix of assets in Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Delhi.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)