Allianz Real Estate has closed its largest office transaction in Europe with the acquisition of a pair of assets in France for €500m.
The manager, acting on behalf of several Allianz Group companies, has bought the 23-storey City 1 and the nine-storey City 3 buildings which form part of the landmark office complex Citylights in the Paris region.
Citylights, located in Boulogne-Billancourt, comprises three towers.
Formerly known as the Pont de Sèvres Towers, the complex was built in 1978 before being redeveloped and refurbished in 2014 and 2015.
Alexander Gebauer, CEO for West Europe, Allianz Real Estate, said: “The acquisition of Citylights constitutes a further milestone in our global investment strategy. It is a one-of-a-kind office asset in a strong market that offers its tenants top quality in terms of architecture, design, amenities, sustainability and user experience.
“As long-term investors, we look to maintain our market-leading position by adding outstanding assets like Citylights, but also by continuously upgrading our existing office portfolio through our Building Signature Programme. The aim of this programme is to ensure our assets meet the highest standards in terms of innovation, digitalization and connectivity as well as social and environmental impact.”
Sébastien Chemouny, head of France, Allianz Real Estate, said: “Paris and specifically the Grand Paris continues to be very attractive within the broader Allianz Real Estate strategy, which is why we have increased the portfolio in France with this significant acquisition.”
“More broadly, core assets provide attractive long-term returns and we plan to further expand our portfolio with sustainable high-quality buildings like Citylights, in strong, resilient and liquid markets like in Boulogne.”
Donato Saponara, head of transactions for West Europe, Allianz Real Estate, said: “Despite the current environment, this important deal reinforces our commitment to increasing our exposure to prime assets and highlights the long-term value creation that our team is capable of executing in respect of complex deal structures.
”Allianz Real Estate has built a strong execution credibility in the market which places us at an ideal position to capture key transactions in cities with strong potential.”
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