South Korea’s National Pension Service (NPS) has signed a 2.8 trillion won ($2.3 billion) joint venture with Allianz Group to increase real estate investment in major cities across Australia, Singapore, Japan and China.

The pension plan said on Monday (June 29) it will increase investment in high-growth countries in Asia to continue to diversify its portfolios.

“The investments will target landmark office buildings, logistics centers and residential properties in major urban areas that have the highest potential for growth,” the company said in a press release.

NPS is one of the major pension fund operators in the world with assets under management reaching 737.4 trillion won as of February this year.

Allianz is a global player in asset management and insurance fields with operations in 70 countries and management of some 990 trillion won worth of funds. (Reporting by Kyoungho Lee)