Allianz Real Estate has made its Irish real estate debt debut, financing a real estate portfolio acquired by Starwood.
The German institutional investor extended a €150m loan as part of a financing package with Morgan Stanley, which itself provided €300m.
Allianz Real Estate said earlier this year that it was looking for debt opportunities in Ireland.
Head of debt, Roland Fuchs, told a press briefing at MIPIM in March that the real estate arm of the German insurer would begin lending in Ireland this year.
Improving Irish real estate fundamentals, he said, were as much a reason to invest in debt as equity.
Starwood is using the loans to acquire 11 office properties and one residential asset in central Dublin.
Allianz said various entities from its group were participating in the €150m package.
The 55,800sqm portfolio is almost fully let to credit-rated or government-linked tenants.