Allianz Real Estate buys first property asset in Luxembourg

Allianz Real Estate France has bought its first asset in Luxembourg.

The German institution said its French real estate arm, which also invests in the Benelux region, bought Serenity office building through the asset’s Climmolux Holding.

The property, at 19-21 route d’Arlon in Luxembourg’s Strassen district, was bought for Allianz companies.

Barbara Koreniouguine, Allianz Real Estate France chief executive, said: “This first acquisition in Luxembourg, on behalf of Allianz’s investors, enables us to strengthen the geographic diversification within our portfolio.”

Fidentia, a Belgian real estate investor, sold the 10,486 sqm asset.

AXA Investment Managers-Real Assets last year made its Grand Duchy debut, buying a core office building for its Italian institutional Caesar fund from Deka Immobilien for €32.2m.