Munich-based Allianz Real Estate plans to spend at least EUR 10 bn over the next five years around the world and potentially double the size of the firm's property portfolio. President and CEO Olivier Piani said the company will focus primarily on markets outside Europe.

Munich-based Allianz Real Estate plans to spend at least EUR 10 bn over the next five years around the world and potentially double the size of the firm's property portfolio. President and CEO Olivier Piani said the company will focus primarily on markets outside Europe.

Speaking to the Wall Street Journal in his first interview since taking over at Allianz Real Estate, he said he wanted to transform the company into a single, focused organisation with a global reach and a more diversified portfolio. Piani moved to Allianz Real Estate last year after GE Real Estate, where he was European chief, decided to shift the focus away from direct property investment in favour of buying commercial property loans. Allianz Real Estate is part of Allianz SE, the largest insurance company in Europe.

The Wall Street Journal said Piani will bring Allianz's independent real-estate activities - concentrated in Germany, France and Italy - under the umbrella of Allianz Real Estate, and expand the portfolio in markets outside Europe.

The paper said Allianz is to announce the acquisition of a 50% stake in the 34-storey One Beacon Street office tower in Boston for an undisclosed amount this week. In September Allianz purchased a 25% stake in 1301 Avenue of the Americas in Manhattan for $110 mln (now EUR 85 mln).

Allianz is opening offices in New York and Singapore, and may open offices in London later this year. Piani sais Allianz wants to diversify its portfolio from mainly offices to include retail.