(Yicai Global) Nov. 23 -- A unit of German insurance giant Allianz has acquired a 50 percent stake in the Chinese logistics assets of a fund managed by GAW Capital Partners for an undisclosed sum.
Allianz Real Estate, which has EUR60 billion (USD68.5 billion) under management, undertook the deal on behalf of various Allianz subsidiaries, the Munich-based insurer said in a statement posted on its website yesterday. Hong Kong-based Gaw Capital and logistics developer Vialog China retain half and will continue to manage the assets. No financial details were given.
"This transaction is in line with our strategy of aligning our investments to mega-trends in the Asia-Pacific region," Rushabh Desai, Asia-Pacific chief executive at Allianz Real Estate, said in the statement. "Demand for logistics in China is underpinned by growth in e-commerce, middle class accession and infrastructure build-out."
The portfolio includes five modern projects located in important logistic centers in Shanghai, Jiaxing, Foshan, Wuhan and Shenyang, with a rentable area of about 375,000 square meters.
The projects, which have stable incomes, are leased to tenants such as Vipshop, Carrefour, MiniSo and Alog Technology. They were completed in 2016 to 2017 with modern specifications to meet the requirements of e-commerce firms, retailers, manufacturers and third-party logistics companies.
"We already have exposure to logistics development portfolio in China," Desai added. "Getting access to a core portfolio provides a nice balance for our investors."
Editor: Bivash Mukherjee