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.
The portfolio comprises of five projects located in key logistics hub namely Shanghai, Jiaxing, Foshan, Wuhan and Shenyang and have a total leasable area of approximately 375,000 square metres. The projects are fully stabilised and are occupied by marquee tenants like Vipshop, Carrefour, Miniso and Alog among others. All the projects were constructed between 2016 and 2017 and have modern specifications to cater to the requirements of e-commerce firms, retailers, manufacturers and 3PL companies.
“This transaction is in line with our strategy of aligning our investments to mega-trends in the Asia-Pacific region. Demand for logistics in China is underpinned by growth in e-commerce, middle class accession and infrastructure build-out,” said Rushabh Desai, CEO Asia-Pacific at Allianz Real Estate. “We already have exposure to logistics development portfolio in China, getting access to a core portfolio provides a nice balance for our investors”