Allianz Real Estate has marked its first private rented sector (PRS) financing in Europe with a £140m (€161m) green loan funding in London.

The real estate investment manager, acting on behalf of several Allianz group companies, has provided the debt funding to Canary Wharf Group for the financing of 10 George Street in Canary Wharf.

The 35-floor high rise building offers a net rentable area of 224,039sqft, 327 residential units and three retail units.

The financing of 10 George Street marks Allianz Real Estate’s first single-asset PRS debt transaction in Europe, the manager said, adding that it is the firm’s eighth debt transaction in London, bringing the value of the firm’s debt book in the city to almost €2bn.

London sits alongside Paris and Munich as Allianz Real Estate’s third hub for the firm’s pan-European debt program, the company said.

Roland Fuchs, the head of European real estate financing, Allianz Real Estate, said: “We are delighted to be expanding our European debt portfolio with such a high-quality prime asset, and with a likeminded partner who supports our commitment to leading the international real estate market in terms of ESG and sustainability.

“This transaction also provides us with a strong opportunity to further diversify of our European loan book through exposure to the dynamic PRS market,”

Shripal Shah, the head of debt origination in London at Allianz Real Estate, said: “This latest deal reaffirms our commitment to the London market, which continues to offer strong investment opportunities in select sectors.”

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