Singapore, Munich, 16 October 2019
Allianz Real Estate, acting on behalf of several Allianz companies, has formed a joint venture with Alpha Asia Macro Trends Fund III – a fund managed by Alpha Investment Partners, the private fund management arm of Keppel Capital – to acquire an 85% interest in Ronsin Technology Center, an international grade A office complex in Beijing’s Wangjing sub-district at a valuation of approximately EUR 1 billion. The remaining 15% interest will be retained by the seller, D&J China. Allianz will have 62% share in the joint venture and is also one of the investors in the fund. The sale and purchase agreement as well as the joint venture agreement have been executed, with the transaction expected to close in Q4 2019. The asset will be jointly managed by Allianz Real Estate, Alpha Investment Partners and D&J China.
Completed in March 2018, the Ronsin Technology Center comprises six office towers and two retail podiums and has a total leasable area of approximately 131,000 sqm. The asset, located above the Laiguangying subway station in Beijing’s Wangjing sub-district which is home to many domestic unicorn and technology companies, is in the stabilization phase with an occupancy rate of 70%.
“This is a continuation of Allianz’s investment strategy to allocate 50-60% of its Asia Pacific real estate exposure to fast-growing markets such as China and India. Beijing is demonstrating strong resilience to current volatility in the global markets while Wangjing is a well-established sub-market for technology & innovation firms, which is experiencing persistent demand with tight supply,” said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate. “After Duo Tower in Singapore, this is the second investment where Allianz Real Estate is the joint asset manager. Over the last year, we have expanded our team through the hire of several China experts, enabling us to manage our growing book of China assets directly.”
“D&J China is very pleased to enter into this strategic partnership with Allianz and Alpha Investment Partners. We are very proud of Ronsin Technology Center, which has become one of the landmark assets in the Wangjing sub-market. This partnership is a remarkable endorsement to the quality and value of our property assets, our proven business model and our strong asset management capabilities,” said Mr Sun Dong Ping, Chief Executive Officer of D&J China. “We look forward to a successful partnership in the years to come, and continuing to build D&J China into a best-in-class integrated properties and services provider in China.”
This will be the second direct office acquisition by Allianz in Beijing. In 2018, Allianz acquired a 98% interest in ZLink, a grade A office asset located in Zhongguancun.
(From left to right: Mr. Scott Su, Fund Management Senior Manager, D&J China; Mr. Jack Xu, Vice President, D&J China; Mr. Rushabh Desai, CEO, Allianz Real Estate Asia Pacific; Ms. Yingpei Wang, CIO, D&J China; Mr. Francois Trausch, CEO, Allianz Real Estate; Mr. Dongping Sun, CEO, D&J China; Mr. Qian Shi, Associate, Warburg Pincus)
Allianz enquiries:
Allianz Real Estate
Claire Fraser
+49 89 3800 8236
claire.fraser@allianz.com
Paula Rueda
+49 89 3800 68318 / +49 160 9576 7391
paula.rueda@allianz.com
Phillip Lee
+49 89 3800 8234
phillip.lee@allianz.com
Citigate Dewe Rogerson
Charlotte Bilney
+852 3103 0103
ARE@citigatedewerogerson.com
About Allianz
The Allianz Group is one of the world’s leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 729 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.5 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 70 countries achieved total revenues of 132 billion euros and an operating profit of 11.5 billion euros for the group.
About Allianz Real Estate
Allianz Real Estate is the dedicated real estate investment manager within the Allianz Group and has grown to become the world’s largest investor in real estate. The firm develops and executes worldwide tailored portfolio and investment strategies on behalf of a range of global liability driven investors, including Allianz companies, creating value for clients through direct as well as indirect investments and real estate loans. Headquartered in Munich and Paris, the operational management of investments and assets is performed out of 19 offices in key gateway cities across 5 regions (West Europe, North & Central Europe, Switzerland, USA and Asia Pacific). As at 30 June 2019, Allianz Real Estate held 67.1 billion euros assets under management. For more information, please visit: www.allianz-realestate.com.
Please note:
Allianz Real Estate, 31/12/18 up to 30/06/19, data published included all commercial equity and debt real estate investments of the Allianz Group. With effect from 31/12/18, AUM aligned to Allianz Real Estate includes the portfolio overseen by Allianz Real Estate GMBH and its affiliates and excludes those managed by other parts of the Allianz Group.
These assessments are, as always, subject to the disclaimer provided below.
