Allianz Real Estate has set its eyes on the Chinese property market where it expects to close its first acquisition in the next six months, CEO Olivier Piani said last week at the Expo Real trade fair in Munich.
Allianz Real Estate has set its eyes on the Chinese property market where it expects to close its first acquisition in the next six months, CEO Olivier Piani said last week at the Expo Real trade fair in Munich.
'A new idea is to try to go where there is growth, places like Asia and in particular China,' Piani said, adding that in Europe he believes the macroeconomic picture is not going to get any better in the next few years. 'The situation is not dramatic but it’s not rosy either,' he added.
Charles Pridgeon, Chief Investment Officer of Allianz Real Estate, said the insurance giant wants to spend some EUR 400 mln in the country. 'However,' he added, 'on the long term we must remember that the core of our business is in the Eurozone.'
In particular, Allianz Real Estate is looking for indirect investment opportunities, probably in the shopping centre space. 'There is an economic slowdown in China but growth is still there, at between 3 and 5%, and the middle class is increasing. We are spending a lot of time looking for opportunities.'
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