Allianz announced today the financing of the retail and office center 1111 Lincoln Road in Miami Beach, FL. Allianz is the sole lender on the first mortgage arranged for Universal-Investment on account of the fund’s sponsor, Bayerische Versorgungskammer (BVK), Germany’s largest pension fund.
Allianz Real Estate executed the transaction on behalf of its US Allianz insurance company investors. Universal-Investment is Germany’s leading real estate master KVG platform for institutional investors. With this investment, Allianz has further expanded its relationship with BVK and CBRE Global Investors. CBRE Global Investors acted as the investment advisor to Universal-Investment and BVK for this transaction.
“This transaction is representative of our goal to grow our portfolio and strengthen its diversity in terms of asset type and geographic location,” said Christoph Donner, CEO of Allianz Real Estate of America. “1111 Lincoln stands at the gateway to Lincoln Road’s pedestrian promenade and attracts both locals and visitors looking for the ultimate urban shopping, dining and parking experience. The property has a strong sponsor, is unique, and diversified in terms of its tenant base.”
Designed by Herzog & de Meuron, 1111 Lincoln Road combines retail, dining, commercial and parking in a single complex that serves as the Western Anchor of Lincoln Road in Miami Beach. This iconic property features 52,300 square feet (ca. 4,860 square meters) of modern retail and restaurant space occupied by well-known international tenants, 91,800 square feet (ca. 8,500 square meters) of creative office space, and 25,000 square (ca. 2,300 square meters) feet of event space boasting spectacular city and ocean views.
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