Allianz extends JV with Spar with 49% stake in Vienna mall

Allianz Real Estate has acquired a 49.5% share in Vienna’s Fischapark shopping centre, extending its partnership with Austrian developer and landlord SES Spar.

SES was previously the sole owner of the mall, in the Austrian capital’s Neustadt district, and invested €120 mln in expanding and refurbishing the asset. The company retains a 50.5% share and will continue to act as asset manager.

Allianz and SES/Spar Group established a joint venture in 2013 to invest in retail. So far Allianz has taken shareholdings in seven shopping centres owned and operated by SES Spar in Austria, Slovenia and northern Italy.

Marcus Wild, CEO of SES Spar European Shopping Centers, said: ‘SES is continuing its strategy of finding notable investors to invest in selected shopping centres, and at the same time to manage and further develop the locations in a lasting way. In this way we are meeting the enormous market demand for retail real estate in top locations managed with high quality.’