Allianz Real Estate finances pan-European office portfolio
Allianz Real Estate has participated in a large-volume financing of a pan-European office property portfolio arranged and extended by Aareal Bank. The Allianz share in this senior financing amounts to €365 million out of a total of €630 million. The borrower is NorthStar Realty Finance Corp. which acquired the portfolio with a total value of 1.1, billion euros.
The transaction is one of the largest syndicated financings between banks and institutional investors in Europe. For Allianz Real Estate, the transaction also represents the first financing of a cross-border, pan-European portfolio with tranches in different currencies. The portfolio, with a gross leasable area of approximately 186,000 square meters, comprises eleven office buildings in seven European countries.
The properties are located in Amsterdam, Brussels, Gothenburg, Hamburg, London, Milan, Rotterdam. All buildings have a very good tenant mix, according to Allianz Real Estate. "This investment in a large-volume pan-European credit facility is in line with the growth and diversification strategy of European Allianz companies in the real estate sector," explains Roland Fuchs, Head of European Real Estate Finance at Allianz Real Estate GmbH. The Allianz Group currently manages a global real estate portfolio with a market value of approximately 33 billion euros. (mr)
