German insurer Allianz has provided a €150 mln loan to fund the acquisition of a mixed portfolio in Dublin by Starwood Property Trust.
German insurer Allianz has provided a €150 mln loan to fund the acquisition of a mixed portfolio in Dublin by Starwood Property Trust.
Starwood is acquiring 11 office buildings and one residential property in the centre of the Irish capital, with a gross lettable area of around 55,800 m2 including 530 parking spaces. Allianz Real Estate said the assets were almost fully let to high-quality credit-rated or government-linked tenants.
The arrangement is Allianz Real Estate’s first debt investment in the Irish market. The company said it was part of a strategy to expand its commercial real estate finance business in Europe. US bank Morgan Stanley is also underwriting the deal with a €300 mln loan.
