The financing of Southbank Central in London for c. EUR200 million for an affiliate of Starwood Capital Group, a leading global private investment firm, with Allianz as sole lender, is the largest of the three transactions. Fully refurbished in 2016, the 21,800 sqm asset is comprised primarily of multi-let office space and is fully leased with long-term tenancies. The transaction represents a further London prime debt investment for Allianz Real Estate’s following financing for St Katharine Docks, 80 Fenchurch Street and 55 Baker Street.
In Paris, Allianz has supported the refinancing of c. EUR 164 million for the 22,000 sqm, prime office asset at 92 Avenue de France. The borrower is a 50/50 joint venture including Oxford Properties, with the loan split between Allianz (EUR 136 million) and CACIB (EUR 27.4 million) also acting as arranger. Following the departure of tenant SNCF Réseau, a new 12-year lease was signed with publisher Editis; the firm is set to relocate in January 2020 after the conclusion of a significant capex program.
In Stuttgart, Allianz Real Estate has refinanced, as sole lender, c. EUR140 million for the Königsbau Passagen asset, a 43,800 sqm retail and office building located directly in the heart of the city at Stuttgart Schlossplatz. The building, which is asset managed by Evans Randall Investors was recently sold to Italian investors Antirion SGR and PosteVita, is well developed with its footfall enhanced in recent years with the opening of a food lounge on the second floor and a high-quality supermarket on the first floor.
In its 2018 results, disclosed in March, Allianz Real Estate announced that its European debt portfolio topped EUR7.8 billion for the year following a record period of EUR2.1 billion in loans and the launch of its Luxembourg-based debt fund that will open to third-party investors. The platform alone surpassed EUR1 billion in deployed capital, as at year-end, completing transactions in 2018 in the UK, Italy, Ireland, Spain and Sweden.
“Our European debt portfolio continues to grow strongly, driven by our focus on prime assets and partners in tier 1 locations in Europe,” said Roland Fuchs, Head of European Debt at Allianz Real Estate. “We are encouraged by the rapid growth of our debt platform and the direct, simplified access it gives Allianz Group insurance companies to prime European real estate debt. It has quickly become an established investment vehicle and we remain on track to open it up to third-party institutional partners in 2019.”
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