Allianz Real Estate has acquired two manage-to-core office developments in Saint-Ouen, Paris, on behalf of several Allianz group companies.
The transactions, both 50:50 joint ventures with an unnamed French public financial institution, were bought under a forward purchase structure for a total value of €415.6 mln.
For Allianz Real Estate, the transactions support its focus in tier 1 cities and represent an opportunity to invest in a promising area. 'These two exceptional office assets are located in a first-class and fast-growing district near Paris and underline our intention to expand our portfolio while integrating the highest environmental and technological standards. The acquisition reinforces Allianz Real Estate’s strategy to strengthen our presence in Europe’s key cities,' said Alexander Gebauer, Chief Executive for West Europe, Allianz Real Estate.
Strategically located in Saint-Ouen, the developments are at the foot of the RER C train line and the future metro line 14. They will provide 60,000 m2 of space offering competitive rents compared to Paris. Developed by BNP Promotion and Emerige, the project will be completed in Q2 and Q4 2021. It will offer the highest standard of environmental certification, including Label Effinergie BBC 2017, BiodiverCity and HQE New Excellent.
'Paris has one of the strongest and most interesting markets in Europe magnified by projects such as the Grand Paris,' said Sébastien Chemouny, head of France at Allianz Real Estate. 'We are constantly looking to tie available opportunities with our strategy to increase our exposure in cities with such potential while building strong long-lasting relationships with our business partners.'
Allianz Real Estate manages €32.4 bn of office assets globally, of which €24.1 bn are in Europe.