Over the past year, Allianz Real Estate has emerged as one of the biggest property investors in Europe - and is set to remain so for several years to come. After spending more than €2 bn in 2010, the property arm of German insurer Allianz is gearing up to invest a similar amount this year to boost its overall allocation to real estate to around €25-30 bn in the next three to five years.
Over the past year, Allianz Real Estate has emerged as one of the biggest property investors in Europe - and is set to remain so for several years to come. After spending more than €2 bn in 2010, the property arm of German insurer Allianz is gearing up to invest a similar amount this year to boost its overall allocation to real estate to around €25-30 bn in the next three to five years.
The new year has started auspiciously. Following an office transaction in Hamburg last January, in early March Allianz announced it has formed a €470 mln joint venture with global industrial property specialist AMB Property Corporation. A week later, the investor announced plans to spend €1 bn on property loans in Germany in 2011 in what would be the insurer’s first foray into property lending in Europe. No wonder that companies are queuing up for an audience with Olivier Piani, Allianz’s CEO and global head of real estate.
Piani is the first to admit he is in a privileged position. Standing on the balcony of his suite in the Majestic hotel in Cannes during the latest edition of Mipim, he invites his guests to share the view of the sun-bathed hotel pool and boulevard below.
He has just returned from a breakfast meeting with Nouriel Roubini, the New York economics professor and keynote speaker at the Mipim event. ‘I feel smarter now,’ he says with a grin and proceeds to pour himself a cup of coffee.
It is a relaxed moment in a taxing schedule. Piani started his career as a consultant at McKinsey and joined Allianz in July 2008 from GE Capital Real Estate Europe where he built up its pan-European real estate portfolio as CEO. Prior to joining GE in 1998, he was CEO of UIC-Sofal and deputy head of real estate restructuring at Paribas Group. While these positions established his reputation as a sharp operator, Piani has become more widely known in the property industry since launching Allianz’ aggressive expansion strategy. ‘Olivier Piani has more money than he knows what to do with,’ noted one industry watcher. Piani is especially well-known in his home town Paris, another observer commented. ‘If you walk to a restaurant with him in Paris, it takes twice as long as normal because he meets so many people he knows on the way!’
The full profile appears in the April edition of PropertyEU Magazine. Click on the link below to subscribe
