Allianz Real Estate has increased its exposure to the German office sector with the acquisition of the HafenCity development from EDGE Technologies.

The €63.5bn real estate manager said it has agreed a forward purchase deal to buy the office development in Hamburg from EDGE for an undisclosed sum.

The deal was made on behalf of several Allianz companies, the manager said.

EDGE specialises in developing sustainable, office assets that make extensive use of smart technologies. 

Annette Kroeger, CEO of Allianz Real Estate north and central Europe, said: “The forward purchase of the EDGE HafenCity office asset underscores our commitment to working with prime partners in prime locations in key European cities and gives us the opportunity to expand our ‘smart technology in real estate’ space.

“We place huge importance on developing assets with tenant use in mind; the venture with EDGE will offer a differentiated, value-adding working environment, which has become key in securing long-term tenancies, particularly in the tech sector itself.”