Allianz Plans to Double Asian Property Investments Over 3 Years
By Pooja Thakur Mahrotri
/ Bloomberg |
Allianz SE’s property unit plans to double investments in Asia over three years as the German firm is drawing in more money from its insurance operations in the region.
Property investments may swell to 3.75 billion euros ($6 billion) by the end of 2020 from about 1.8 billion euros, according to Rushabh Desai, Asia-Pacific chief executive officer of Allianz Real Estate.
The “very fast” growth of the Asian insurance operations means the firm is accumulating money that can be channeled back into property investments in the region, Desai said in an interview in Singapore. That would boost its Asian exposure, which is relatively tiny so far, accounting for only about 3% of Allianz Real Estate’s 55 billion euro global portfolio centered on the U.S. and Europe.
(Credit: Adam Berry/Bloomberg News)
“Asia has the most potential at this time, lots of areas are under-served,” Desai said.
So far, China and India account for more than half of Allianz Real Estate’s investments in Asia, with the rest split between Australia, Japan, Singapore and Hong Kong, Desai said.
This story, written by Pooja Thakur Mahrotri for Bloomberg, first appeared on Jan 3.
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