German insurer Allianz is putting EUR 1bn of German properties up for sale as part of a 'portfolio optimization programme', Allianz spokesman Roland Deger told PropertyEU. The insurer also plans to increase the size of its global real estate portfolio by as much as EUR 13 bn over the next three-to-five years.
German insurer Allianz is putting EUR 1bn of German properties up for sale as part of a 'portfolio optimization programme', Allianz spokesman Roland Deger told PropertyEU. The insurer also plans to increase the size of its global real estate portfolio by as much as EUR 13 bn over the next three-to-five years.
'We will put around 100 properties on the market, starting this month, either individually or in small portfolios,' Deger said. 'We hope to sell them all by the end of next year. The properties, which are mainly offices or mixed-use, are located across Germany, including smaller cities.'
The plans to increase the size of Allianz' global real estate portfolio by 2013-2015 will boost its assets under management (AUM) to between EUR 25 bn and EUR 30 bn from the current EUR 17 bn. Deger: 'Around 80% of new assets are likely to be in Europe, in major cities such as Paris, Munich and Prague. We'll look at offices but we’re also interested in shopping centres. We also want to acquire additional properties in the Asia-Pacific region and in the US.'
Allianz has been extremely active on the acquisitions front this year, investing around EUR 1bn, mostly in Europe. Two weeks ago, it acquired 80 properties totaling around 72,000 m2 from German discount food retailer Aldi for an undisclosed sum. The portfolio included outlets in Bavaria, Baden-Württemberg and Rhineland-Palatinate.
Some analysts have been surprised by the insurer’s decision to sell so many properties: 'I did not envisage Allianz selling - rather the opposite - they have been one of the strongest buyers in Europe so far this year, and will remain very strong on the buyer side in the mid-term,' said Iryna Pylypchuk, an associate director at CBRE in London.