Allianz, Korean pension service set up Asia-Pac property fund
With leverage, fund to have US$4.6b war chest; focus will be on Singapore, Japan, Australia, China and Hong Kong
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Kalpana Rashiwala
Singapore
ALLIANZ has teamed up with The National Pension Service of Korea (NPS) to set up a property fund with US$2.3 billion equity. With leverage, the fund will have the capacity to invest in US$4.6 billion of real estate in the Asia-Pacific region.
Allianz group of companies and South Korea's NPS will contribute 50:50 to the closed-end fund's equity. In addition, Allianz Real Estate is the investment manager and general partner of the fund, Allianz Real Estate Asia-Pacific Core I (AREAP Core I).
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