Allianz Real Estate is investing €175m in a Slovakian shopping centre, its first deal in the Eastern European country.

The property investment arm of the German insurer is buying the Central Shopping Center in Bratislava from local developer IMMOCAP.

Retail specialist ECE will manage the property for Allianz.

Annette Kröger, Allianz Real Estate Germany chief executive, said: “Our investment into Central Shopping Center is again an important step to a further diversification of the firm’s real estate portfolio and to expand our investments in retail assets.

“At the same time it, is an attractive opportunity to get exposure to the Slovakian market.”  

The 40,000sqm centre, which opened in late 2012, includes 31,500sqm of retail space, as well as a gym and restaurants.

Allianz last year made several debut deals for its debt division, lending in Ireland and Spain.

After an initial post-crisis focus on its domestic German market, the insurer has expanded its lending activity, financing property deals across Europe.