Beijing, Nov 21 (EFE) .- Allianz Real Estate, the real estate division of the German Allianz, and the US real estate investment manager TH Real Estate have set up a fund with the They intend to reach 750 million dollars (640 million euros) to acquire two shopping centers in China.
In particular, they will buy the luxurious Florentia Village Jingjin, located in the northeast of the country, between Beijing and Tianjin, and the Florentia Village Shanghai, located in that coastal city.
The opening of this fund, called "YOU ARE APAC China Outlets" and denominated in dollars, is part of Allianz's strategy to allocate approximately 5% of its real estate portfolio in the Asia-Pacific region, which has 63,500 million dollars (53,000 million euros) in assets under management.
TH Real Estate, meanwhile, is also increasing its presence in the region, where it has 2,400 million dollars (2,040 million euros) in assets under management including those invested in the new vehicle.
As explained by Rushabh Desai, CEO of Allianz Real Estate in Asia-Pacific, "China is moving towards an economy of services and domestic consumption (...) and its shopping centers are being very successful in attracting customers looking for branded products at prices of discount. "
For his part, the CEO of TH Real Estate in Asia-Pacific, Chris Reilly pointed out that the new fund offers investors an" exclusive opportunity to invest in Design shopping centers in China ", a sector that continues to gain popularity among customers in the country, he added.