Allianz Real Estate is taking a 49% stake in a US office portfolio owned by TIAA-CREF.

The German insurance group’s property arm is investing in six office properties and two land parcels in Miami’s Waterford at Blue Lagoon, paying $374.5m (€349m).

The company said it bought the stake on behalf of German and French Allianz insurance companies.

Christoph Donner, chief executive at Allianz Real Estate of America, said: “We are able to diversify our portfolio further and gain direct exposure in Miami, one of our main target office markets.”

TIAA-CREF, which will remain majority owner and operating partner, sold the stake from its general account.

Suzan Amato, head of managed accounts and joint ventures at TIAA-CREF, said the Miami asset was stable and high-performing. 

The 1.4m sqft portfolio is near Miami International Airport..

“The property being built will enhance the complex and meet the growing demand for additional office space in the Airport West commercial real estate market,” she said.

Allianz began investing with TIAA in 2012 with the acquisition of the Four Oaks Place office complex in Houston.

The company recently said Francois Trausch was replacing Olivier Piani as chief executive. 

Trausch will take up the role in January next year and be based in Paris.