Allianz Real Estate is looking to make new inroads into Brazil and China this year, according to its chief executive.
Oliver Piani said Allianz’s property division is “already examining new markets”, giving Brazil and China as examples. More investment in retail real estate – which currently accounts for 19% of its property portfolio – is also on the menu, he added.
Piani said: “In 2013 we substantially strengthened the retail share of our portfolio. In the not-too-distant future, we will endeavour to raise this to 30%.”
Last year, Allianz Real Estate spent around €3.2bn, of which €2.3bn was direct and indirect investment in Germany, France, Italy, Switzerland and the US. Real estate financing rose by €900m to €6.6bn.
Allianz said its total portfolio is set to rise from €30bn at present to €40bn.
