Allianz Real Estate, on behalf of its French business, has bought two residential buildings in Paris.

The €60bn manager said it bought the 7,117sqm Haussmanian buildings in the southern part of the 17th district for an undisclosed sum. The 19th century building has over 58 apartments and 67 underground parking units.

As of 30 June 2018, residential property accounted for 17% of Allianz Real Estate’s global asset allocation.

Sebastien Chemouny, the head of France, Allianz Real Estate said, “This acquisition presented us with a rare opportunity to invest in Paris’ outstanding Haussmanian architecture.

“Despite residential assets accounting for a relatively small proportion of our overall portfolio in France, the asset class remains strategically important to us both in terms of diversification and providing opportunities for sustainable returns.”

This acquisition is Allianz’ second deal in Paris this year. In April, Allianz provided around €300m of debt financing to German pension fund Bayerische Versorgungskammer to support the acquisition of what is to become Apple’s European flagship store.