INTERVIEW: ‘Loan monitoring is a figures and people business’

Julia Marciano has joined Allianz Real Estate in a new role aimed at supporting the further growth and diversification of its €2.5 bn European loan portfolio.

Marciano joined the company as head of loan asset management of European debt – a newly created role - on 1 April after working for Deutsche Pfandbriefbank in London and Paris and Helaba in Paris.

At Deutsche Pfandbriefbank, she held various positions within the commercial real estate and credit risk management teams handling European loan transactions. At Helaba, she worked within the underwriting and portfolio management / credit risk management department.

A civil engineer by training, Marciano started her career at IPD in France and the UK. At Allianz Real Estate, she will report to Roland Fuchs, head of European real estate finance, and be based in the company’s Paris office. Allianz RE has loan origination teams in the French capital and Munich.

PropertyEU: What were the reasons for creating the new position of Head of Loan Asset Management of European Debt at Allianz?

Marciano: Investment in European debt on behalf of Allianz insurance entities in Europe commenced at the end of 2011 with the first loans granted in Germany, followed by French transactions in 2012. In 2013 we decided to roll this investment activity out throughout Europe. As the portfolio grew and became increasingly international in character we thought it made sense to separate the function of pure investment and underwriting from the post-closing duties of ongoing monitoring and reporting. In this respect the creation of Loan Asset Management for European Debt mirrors the internal organisational structure already in place for real estate equity investments and our longstanding debt investment activity in the US.

PropertyEU: What will your new role involve?

Marciano: Loan investments by the investment teams are handed over to Loan Asset Management from the moment of underwriting and closing of a transaction. The day-to-day management of the portfolio then comprises all the daily administration duties, ranging from reporting and ratings to regular loan reviews and handling of change requests.

PropertyEU: How big is Allianz’ European loan portfolio?

Marciano: Our European loan book including commitments already exceeds €2.5 bn and we intend to grow the portfolio for our investors steadily in the coming years.

PropertyEU: How much does Allianz plan to allocate to property debt this year and which markets is the company looking at?

Marciano: Investing in mortgage loans is part of Allianz’s ambitious overall global estate investment strategy, alongside direct and indirect real estate investments. Hence, in Europe we are principally looking into the larger, liquid and transparent markets. Besides Germany and France, we recently expanded our investments to the Netherlands and to Spain. But the long-term quality and sustainability of our loan investments are more relevant than a specific country allocation.

PropertyEU: You have broad experience of working with banks (Deutsche Pfandbriefbank, Helaba). Will working for an investment company be very different?

Marciano: The day-to-day management of credit files will not be different. However, Allianz Real Estate’s mandate as the captive asset manager for Allianz entities and ultimately their insurance policy holders determines our prudent investment policy. We are not a short-term opportunistic lender, we are a long-term investor.

PropertyEU: What would you say are the key strengths you will be bringing to your new position?

Marciano: Loan monitoring requires the capability to deal both with people and figures. But more than that, I will rely on my energy and organisational sense to develop myself within this new challenge.

PropertyEU: What are your interests outside the office?

Marciano: Having some relaxing activities is important for clearing the mind, but it is also possible to match both the office and the outside world. Going shopping is, for instance, a good reason to check a shopping centre’s performance and support its turnover rent.