Allianz Real Estate’s US AUM rises to $16.3bn on latest acquisition

Allianz has increased the size of its US real estate portfolio to $16.3bn (€13.7bn) with the acquisition of a 43% stake in a New York City office building.

Allianz Real Estate said it made the investment in the class-A, 1.86m sqft building at 1515 Broadway on behalf of several Allianz companies.

The seller is SL Green Realty, New York City´s largest commercial property owner. SL Green purchased 1515 Broadway as part of a joint venture in 2002 and acquired full control of the building in 2011.

The 57-storey building is currently 98% leased.

Allianz Real Estate’s assets under management in the US now total $16.3bn, having made $3.5bn equity and debt investments this year alone. It made a record number of debt investments in 2017.

François Trausch, CEO of Allianz Real Estate, said: “With the acquisition of a 43% interest in 1515 Broadway, we are able to look back on one of our most successful years in Allianz Real Estate’s history in the US.

“With new equity commitments of $1.5bn and $2bn of new debt investments, the US team is ending 2017 on a high note.”

Christoph Donner, CEO of Allianz Real Estate of America, said 2017 had been a year of “strong growth and a record of over 50 new investments”, adding: “it has also seen us deepen our presence in key markets by opening an Atlanta office, bringing our presence in the South in line with that of our East and Central regions, managed out of New York, and activity in the West, managed out of our office in Los Angeles.”

“Both our debt and equity platforms are built on strong relationships with our partners. At the end of November our US financing book will total $11.5bn across 325 loans, while our equity team has executed $1.5bn across 12 fund investments and 15 joint ventures totalling $3.3bn.”

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