Allianz has made its first investment in the Beijing office sector with the acquisition of a 31,426sqm property from KaiLong Group and Goldman Sachs.

The asset manager said its real estate business acquired the fully occupied ZLink property on behalf of several Allianz companies for an undisclosed sum.

Allianz will own 98% of the equity, with the remainder to be held by KaiLong.

Rushabh Desai, the CEO of Asia-Pacific at Allianz Real Estate, said: “The ZLink deal underscores our strategy to align our investments with the secular growth of the new economy in China, driven by the IT, technology and innovation sector.

Over the last 5 years, the Zhongguancun Software Park has seen strong rental growth and one of the lowest levels of vacancy in Beijing, Desai said.

”As Allianz Real Estate’s first investment in the Beijing office sector, the acquisition provides compelling diversification benefits to our office portfolio in China.”