Allianz Buys Shanghai Landmark
Allianz has entered into a co-investment agreement with Singapore's Keppel Group to acquire a 100 percent stake in a modern Shanghai landmark.
Allianz Real Estate, the $53 billion real estate investment and asset manager within the Allianz Group, implemented the transaction as part of its strategy to allocate around 5 percent of its global real estate portfolio to the Asia Pacific region.
Designed by leading architect Kengo Kuma, Hongkou SOHO boasts an eye-catching structure and facade.
Gateway City Investment
Both Allianz and Keppel Land are investors in AAMTF III, which is managed by Alpha Investment Partners Limited (Alpha), a wholly-owned subsidiary of Keppel Capital. Allianz Real Estate undertook this transaction on behalf of a number of Allianz companies.
«We are attracted to Shanghai as a leading global 24/7 city. This stems from our confidence in the growth prospects of the commercial real estate markets in this gateway city,» said Rushabh Desai, head of Allianz Real Estate Asia-Pacific.
Keppel Group’s Alpha Asia Macro Trends Fund (AAMTF) III will hold a 40 percent stake and the remaining 60 percent will be equally split between Allianz and Keppel Land China, Allianz said in a press release.
