Allianz Real Estate has provided €466m to finance a prime retail portfolio in France and Belgium.
The manager, acting on behalf of several Allianz Group companies, said it has provided the loan to a ”consortium of borrowers” for the refinancing of the portfolio.
The portfolio consists of 12 long-let prime retail assets, with seven located in Paris and three in the Provence-Alpes-Côte d’Azur as well as two in Brussels’ uptown retail area. The portfolio includes assets such as Avenue de La Toison d’Or in Brussels, Avenue Montaigne in Paris and Boulevard de la Croisette in Cannes.
The financing is the largest European debt deal for Allianz Real Estate in 2021. The pan-European financing platform continues to be active in 12 countries, diversified across the office, logistics, residential and retail sectors, Allianz Real Estate said.
Roland Fuchs, the head of European Real Estate Finance, Allianz Real Estate, said financing high street retail assets in the current environment requires outstanding structuring expertise, long-lasting local retail market knowledge and exceptional deal leadership.
“These prime, highly resilient assets tenanted by best-in-class retailers further strengthen our footprint in two of our key European real estate investment markets. The transaction underscores the success of our European debt business in a pandemic-disrupted year and highlights our desire for continued portfolio growth and sector diversification in 2022.”
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