Allianz Real Estate has added a €135m worth affordable housing assets in Germany to its residential portfolio.
The manager, on behalf of several Allianz group companies, has bought a 300-unit portfolio from specialist developer Schultheiß Projektentwicklung.
Allianz Real Estate said the portfolio‘s three assets, currently under development and due for completion by the end of 2022, are located in Nuremberg in the German state of Bavaria.
Annette Kröger, the CEO of Allianz Real Estate’s north and central Europe region, said: “The Schultheiß portfolio is an excellent opportunity to gain traction in affordable housing where we see potential to scale up.
“At the same time, and as one of the world‘s largest investors in real estate, we have a responsibility to grow our portfolio through assets that have a positive environmental impact, which is why we will invest further into these properties so that the future tenants are housed in industry leading homes.”
Nicole Pötsch, head of acquisitions and sales for Allianz Real Estate’s north and central Europe region, said: “We have a strong track record of successfully diversifying into new sectors, geographies and via different investment styles and this first transaction in affordable housing in Germany is further evidence of that.
“Affordable housing as a sub-sector within residential is well suited to our long-term approach to investment due to the stable income component.“
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