Allianz RE buys office building in Munich for EUR 100m

Allianz Real Estate Germany has acquired a building complex in the Nymphenburger Straße in Munich for an investment volume of about EUR 100 mln. The complex was acquired from E.on Energie for various Allianz companies under the control of Allianz Lebensversicherung.

'We are very pleased with this acquisition just before the end of 2009,' said Stefan Brendgen, CEO Allianz Real Estate Germany, responsible for the transaction. This acquisition is a further milestone on Allianz’s path to intensive investing in 2010.''

The Nymphenburger Straße in the Maxvorstadt district of the city belongs to the established office locations in Munich. The complex comprises 11 houses built between 1900 and 1996. All buildings meet the standards required of office buildings today.

The leasing area of the most recent real estate investment of Allianz is about 39,000 m². This is divided between 86% office and 14% residential space. The building is fully let on long leases.

'With our current investment strategy we are focusing on attractive, large volume real estate in the best locations of European cities,' continued Brendgen. 'With the acquisition in Munich we are showing that Germany continues to be of great significance as a market for Allianz’s real estate investments.'

The agreement of sale was certified on 18 December 2009.