Allianz RE reportedly buys La Colisee for EUR 160m

German investor Allianz Real Estate Germany has reportedly acquired La Colisee office building in Paris' La Defense business district from Morgan Stanley's French listed real estate investment arm La Lucette.

According to an article in the British property magazine Estates Gazette, the acquisition price amounts to some EUR 160 mln. The deal would be the first large transaction carried out by the real estate arm of the insurance giant since the arrival of Oliver Piani as the new head of the company.

Contacted by PropertyEU, a spokesman for Allianz real Estate declined to comment on 'market rumours' but said the company felt the conditions for acquisitions would be better in 2010. La Lucette was not immediately available for comment.

La Lucette paid EUR 185 mln back in July 2006 to acquire the office scheme which offers around 25,000 m² of space.

Allianz Real Estate Germany recently begun to invest again after a four-year absence from the market with last week's purchase of the commercial scheme in Berlin-Zehlendorf for approximately EUR 18 mln.

In April this year Compagnie La Lucette said it was putting EUR 200 mln worth of properties on the market as part of its disposal plan for 2009. The French SIIC said that it would put up for sale its Colisee office building, as well as its Messine building in the eighth arrondissement which consists of around 8,500 m² of office space.