Allianz eyes more discounter deals in France and Italy

German insurer Allianz is keen to expand in the retail discounter market, CEO Olivier Piani told PropertyEU on the first day of EXPO REAL in Munich. ‘It was our goal to expand in German retail,’ he said, referring to Allianz’ recent purchase of 80 retail assets from Aldi Sud for an undisclosed figure in August. ‘We could do a deal like this again, maybe in France or Italy.’

Piani denied that the acquisition represented a departure from Allianz’ strategy to invest in core products. ‘Aldi is one of Germany’s biggest retailers and is a core tenant,’ he said. The existing leases on these types of properties are also typically very long.

In terms of markets, Piani said Allianz would continue to focus on the eurozone and that he had no plans to enter the UK in the foreseeable future. ‘The market there is too volatile and fast for us.’ He added that he had no plans to make any acquisitions in Spain or to enter the Irish market.

In its aim to increase its exposure to European retail markets, Allianz is keen to team up with experienced retail partners on future deals, Piani said. Earlier this year, the German insurer teamed up with listed retail specialist Corio to acquire Porta di Roma with ING Real Estate Development for a stake in the Allee mall in Budapest and with UK REIT Hammerson to buy a 75% stake in the Espace Saint Quentin mall near Paris.