Allianz Group is collaborating with Shapoorji Pallonji to set up SPREF II – a $500 million real estate fund. The fund will be used to invest in commercial properties in India. This is the first investment by Allianz Group in India’s real estate, and is part of the group’s strategy to assign 5 per cent of its real estate portfolio to APAC region.
Piramal Fund Management (PFM) has deployed Rs 700 crore collectively against two commercial properties – Reliable Tech Park and Empire Towers – in suburban Mumbai. As per reports, PFM will release the fund in tranches as the projects near completion.
Media reports say that the three-day Indian Property Show at Dubai World Trade Centre, featuring over 100 developers showcasing properties ranging from Rs 1 million to Rs 230 million, opened on June 20. The 12th edition of the show running at Hall 8 showcases properties including apartments, villas, row houses, commercial properties and plots is expected register brisk business from NRI community in the backdrop of a depreciated rupee.