Allianz today announced that it has partnered with Alpha Investment Partner’s Alpha Asia Macro Trends Fund III ( a wholly-owned subsidiary of Keppel Capital, a premier asset manager in Asia and the asset management arm of Keppel Corporation Limited)
) and a co-investor to acquire Bay Valley C6, a Grade-A office asset in Shanghai’s Bay Valley Business Park. The gross asset value is approximately USD 90 million.
The transaction was conducted by Allianz Real Estate, the EUR 60 billion real estate investment and asset manager of the Allianz Group, on behalf of several Allianz companies. Allianz will own 41.5% of the equity and the remaining 58.5% stake will be held by AAMTF III and one of its co-investors. Allianz is also an investor in AAMTF III.
Bay Valley C6 is a 13-storey Grade A office property located in the Bay Valley Business Park, one of the largest business parks in the Yangpu District. As one of the key business districts in Shanghai, Yangpu District has transformed into the city’s new technology and startup hub, and is home to top-tier universities such as the new Fudan University campus. Completed in June 2014, Bay Valley C6 offers a total aboveground gross floor area of 19,768 sqm and has seen positive leasing demand, especially from the technology, media and telecommunications, and pharmaceutical sectors.
“This transaction is aligned with our approach of investing in China’s new economy, which has successfully transformed from a manufacturing-driven economy to a more balanced service-based economy. We are also excited about the long-term prospects of Shanghai as a 24×7 gateway city,” said Rushabh Desai, CEO Asia-Pacific at Allianz Real Estate. “This is our second investment with AAMTF III in China. Our partnership with Keppel is growing from strength to strength.”
Eric Goh, CEO (China), Keppel Capital, said, “The acquisition of the strategically located Bay Valley C6, which is seeing growing demand from companies in the biomedical and technology, media and telecommunications sectors, is an excellent addition to AAMTF III, given the positive outlook of Shanghai’s technology industry. Our experienced team is well-positioned to create value and drive returns for the asset through innovative asset management and proactive leasing strategies. The partnership with existing investors of AAMTF III such as Allianz is also testament to the confidence that they have in Keppel Capital in delivering good returns.”
Source : Allianz Real Estate