German pension fund BVK Bayerische Versorgungskammer has secured a financing package of €290 mln from Allianz Real Estate for the Liffey Valley shopping centre in Dublin, via Universal Investment.
Allianz Real Estate, the property arm of the German insurer, is the sole lender on behalf of several Allianz entities, and provided a seven-year fixed rate loan at an all-in rate and a conservative loan to value (LTV), the company said in a press release.
'Ireland has provided attractive opportunities for Allianz through real estate investments in a short period of time,' said Roland Fuchs, European head of real estate finance at Allianz Real Estate. 'A combination of the Liffey Valley loan, our direct investment in Dundrum Shopping Centre and the €150 mln loan for a Dublin portfolio of 11 office and one residential building made in 2015, has resulted in Ireland becoming a notable part of our portfolio.'
Liffey Valley, which was recently extended to comprise over 72,000 m2, has more than 100 shops, restaurants, a multiplex cinema and ca. 3,600 parking spaces. Hines, who sold the asset to BVK in 2016, continues to act as the asset and development manager.
Allianz Real Estate’s commercial real estate lending portfolio is currently focused on Europe and the US and totals just over €15 bn globally. In the US, Allianz has been providing real estate loans for more than 30 years and its credit portfolio there currently exceeds €10 bn. The European lending book was started in 2011 and reached the €5 bn mark in Q1 2017.
According to the lender, it prefers large, conservative and long-term tickets with a preference for core and core plus properties, providing financing volumes between €100 mln and €300 mln.
