German insurer the Allianz Group has reached a milestone of €6 bn of commercial European real estate debt with the €300 mln financing of a prime office building dubbed 'Windows' in Paris' La Défense.
Allianz is the sole lender to Oxford Properties, the real estate arm of Canadian pension plan OMERS. The transaction was implemented by the insurer's property arm, Allianz Real Estate.
'With this transaction we expanded our European loan book to €6 bn in a short period of time after having reached €5 bn in the 1st quarter of this year,' commented Roland Fuchs, head of European real estate finance of Allianz Real Estate.
The 44,200 m2 asset, which is laid out over seven storeys, is currently undergoing a complete renovation ahead of delivery in 2018. The main tenant is RTE, a state-owned French company responsible for the power grid in France.
