Allianz Real Estate grows European debt platform with €476m deals

Allianz Real Estate’s debt fund has completed three transactions in London, Paris and Stuttgart, worth €476m in total.

The manager, on behalf of several Allianz companies, has financed the 21,800sqm multi-let Southbank Central office asset in London for €200m for an affiliate of Starwood Capital Group.

In Paris, Allianz has supported the refinancing of €164m for the 22,000sqm asset at 92 Avenue de France. The borrower is a 50/50 joint venture including Oxford Properties, with the loan split between Allianz (€136m) and Crédit Agricole Corporate and Investment Bank (€27.4m) also acting as arranger.

In Stuttgart, Allianz said it has refinanced, as sole lender, €140m for the Königsbau Passagen asset, a 43,800 sqm retail and office building.

As at the end of last year, Allianz Real Estate’s newly created Pan-European Debt Fund had deployed over €1bn capital in less than six months.

The new fund was launched to accommodate the growing demand from Allianz Group companies seeking to increase their exposure to real estate debt.

In October last year, the manager announced on the last day of Expo Real in Munich that it will be opening its newly created debt fund to third-party investors, “particularly pension funds and smaller insurers”.

Roland Fuchs, head of European debt at Allianz Real Estate, said: “Our European debt portfolio continues to grow strongly, driven by our focus on prime assets and partners in tier 1 locations in Europe.”

“We are encouraged by the rapid growth of our debt platform and the direct, simplified access it gives Allianz Group insurance companies to prime European real estate debt. It has quickly become an established investment vehicle and we remain on track to open it up to third-party institutional partners in 2019.”

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