Allianz Real Estate has entered Spain’s office market by issuing a €155m loan.
The German institution took part in a €395m financing for Spanish property company LaFinca.
The loan is the third real estate debt transaction by Allianz Real Estate in Spain and its first office loan in the Spanish market.
Allianz opened its office in Spain late last year.
Its head of Iberia, Miguel Torres, said: “Grupo LaFinca has demonstrated over more than 40 years of experience its capacity to develop high quality offices endowed with the conditions demanded by the companies of today, so we are fully confident in the value of our investment, and we hope to expand our relationship with them in the long term.”
LaFinca owns around 230,000sqm of assets, with 90% occupancy leased to a range of tenants.
The firm will focus on managing and growing its existing portfolio while refinancing older facilities.