Allianz Real Estate plans to spend EUR 1 bn this year in France, Belgium and the Netherlands, CEO Olivier Wigniolle of Allianz France told PropertyEU at MIPIM in Cannes.

Of the total investment sum, 60% will be targeted at France, with 20% each targeted at Belgium and the Netherlands. In 2010 Allianz France spent about EUR 900 mln, mainly on offices and retail in France.

Wigniolle said Allianz France also plans to set up a real estate unit in the Netherlands, located in Rotterdam where the insurer is based.