Allianz Real Estate has partnered with German pension fund Bayerische Versorgungskammer (BVK) and sustainable real estate developer EDGE to create a €1.3m office investment venture in Germany.
Allianz said the partnership intends to build and develop a series of prime office assets in well-established submarkets in Berlin, Hamburg, Munich and Frankfurt.
The venture expects to be involved in new “ground-up developments as well as existing stock repositioned for predominantly office use”.
The program will be managed jointly by Allianz and EDGE during each development phase and Allianz will take over the management of each asset once completed.
The latest venture expands on Allianz and EDGE’s relationship. The pair have in the past worked on a number of assets in Germany, including EDGE East Side Berlin and EDGE HafenCity Hamburg.
In 2019, Allianz also partnered with BVK to acquire EDGE East Side in Berlin. The two firm’s also recently partnered in the FOUR Tower 1 deal announced in July last year.
Annette Kröger, CEO for north and central Europe at Allianz Real Estate, said: “We continue to believe in the office sector and are excited to launch this program with our partners to build up a portfolio of resilient, future-oriented and sustainable assets that will meet future tenant demands.”
Nicole Pötsch, head of investment and strategic development for north and central Europe at Allianz Real Estate, said: “We’re pleased to once again be working with EDGE and joining forces with our trusted co-investor BVK to meet the needs of tenants in a post-COVID, hi-tech world.”
Coen van Oostrom, founder and CEO of EDGE, said: “We’re thrilled to start this development program with Allianz Real Estate and BVK and have them join our journey to bring better buildings to the world.
“Together, we trust that we’ll make a larger sustainable impact on our industry and offer the highest quality of future-proof offices to our tenants.”
Norman Fackelmann, the head of real estate at BVK, said: “We are very pleased to be able to enter into this future-oriented and proven cooperation with Allianz Real Estate and EDGE.
“The properties, particularly in terms of ESG and digitalization, will play a pioneering role and we will thus live up to our responsibility as Germany’s largest public-law pension group.”
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